U.S. holiday spending is expected to increase by 3% to 4%, reaching up to $966.6 billion, as reported by the National Retail Federation (NRF). Online sales may grow by up to 9%, contributing significantly to this surge.
Despite nearly 21 months of the Federal Reserve’s best efforts at pumping brakes and building guardrails meant to curb household spending, it appears consumers refuse to yield. The NRF projects the big movers will be hiring up to 450,000 seasonal workers to counteract the demand. FedEx CEO Raj Subramaniam highlighted a shift in consumer spending patterns while signaling caution due to a weak industrial sector, however the expectation and predictions indicate spending will continue to remain strong through the end of the year thanks to continued job and wage growth. In response to the forecasted holiday spending uptick, TLC is actively adapting strategies to ensure customers like you benefit from the most efficient logistics solutions, always considering the evolving market dynamics to safeguard your interests.
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