US traders on Tuesday welcomed a strong start to holiday shopping despite inflation, but warned that the threat of a rail strike could derail the season. More Americans than last year opened their wallets between Black Friday and Cyber Monday, a big weekend of big in-store and online deals that traditionally mark the start of the Christmas shopping season, according to data from the National Retail Federation (NRF). .
However, they regularly express in opinion polls their reluctance to spend more in this period of economic uncertainty. But “They say one thing, do another”, NRF President Matthew Shay said at the conference. For him, the strength of the labor market makes up for the higher costs of gasoline and basic necessities. In total, 196.7 million Americans, or about 60% of the population, made at least one purchase in-store or online this long weekend, according to the NRF. This is 17% more than in 2021, especially thanks to the increase in visits to stores.
They spent an average of $325.44 on holiday-related purchases. Full-season sales are expected to grow 6% to 8% year-over-year to $960.44 billion, NRF predicts. “Consumers are spending and, in general, retailers are happy with their inventory levels.”emphasized Matthew Shay.
Rail freight strike threat
However, the possibility of a rail freight strike is worrying the industry. Some rail freight unions, unhappy with the industry agreement on wages and working conditions, have warned they could stop work after December 9 if they do not win their case. President Joe Biden on Monday asked the US Congress to pass legislation “without delay” to avoid this potential social movement. It will have an effect “destroyer” on the economy, said Matthew Shay.
Not only will the strike hurt the shipping system, which is just starting to recover from supply chain problems caused by the Covid-19 pandemic, but it could also affect consumer morale “at the worst possible time”. for vendors, he said.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.