US retail trade group forecasts healthy holiday sales, in part due to inflation

NEW YORK (AP) — Don't count out U.S. shoppers when it comes to shelling out money for the winter holidays despite higher fuel prices and other financial pressures.The nation's largest retail trade group said Thursday that it expects American consumers will collectively spend $1.01 trillion this November and December, which would be 4.2% more than during the same months last year.The increase reflects more than seasonal good cheer, according to economists. The National Retail Federation and other organizations that have issued holiday forecasts said they expected higher consumer prices to account for about half of the anticipated growth. Moreover, higher income shoppers will fuel a lot of the spending, retail experts say.“We all acknowledge households continue to navigate persistent inflation and uneven confidence about the economy,” National Retail Federation President and CEO Matthew Shay told reporters on Thursday. “But throughout the year, consumers have repeatedly shown that holida