The National Retail Federation released its annual forecast of holiday spending: the organization predicts that retail sales will grow between 3% and 4% over 2022 levels. This anticipated holiday sales growth rate is lower than the pandemic years, but typical for the pre-pandemic decade; holiday sales grew an average of 3.6% each year from 2010 and 2019.
After a 2022 holiday season in which online sales grew more slowly (see "Holiday Online Sales Grew Slowly"), online sales growth is expected to return to pre-pandemic norms, with an increase from 7% to 9% in the 2023 season.
Online wholesale marketplace Faire is laying off 250 employees, according to Insider. The company last cut staff in October 2022, when it laid off around 7% of its 1,200 employees at the time, according to the report. Faire raised $416 million in May 2022; more recently it took an investment from Shopify and established an alliance in which the two companies are collaborating on wholesale business.
Retailing News Roundup
Posted by Milton Griepp on November 6, 2023 @ 1:08 am CT
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