National Retail Federation (NRF) CEO Matt Shay stressed concerns over the potential rail strike saying it 'would be devastating for our economy at a time like this.'
"It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historic growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday," Shay said in a statement. "It is consumer demand that is driving growth."overall during this five-day span, but there was a resurgence of in-store shopping.
Consumers also spent more than $325 on average for holiday-related purchases over the course of the weekend, which is up from $301.27 in 2021, NRF reported. GET FOX BUSINESS ON THE GO BY CLICKING HEREOn average, consumers say they are only 47% done at this point in time, "leaving plenty of room for additional purchases in the remaining weeks of the year," said Phil Rist, Executive Vice President of Strategy at Prosper Insights & Analytics.
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