GROWTH PREDICTED FOR NORTH CAROLINA RETAILERS FOR 2024 HOLIDAY SEASON

(Raleigh – November 12, 2024) The North Carolina Retail Merchants Association and Appalachian State University Center for Economic Research and Policy Analysis have forecast increased retail sales during the  2024 holiday season with expected total sales of $42.24 billion, up from $42.08 billion over the 2023 holiday season.

“This year’s holiday sales forecast shows the steadfastness of North Carolina’s retail industry, and the trust North Carolina consumers have in our retailers to find their holiday needs, from gifts for friends and family, to food, beverages and decorative items for holiday dinners and celebrations,” said Andy Ellen, President & General Counsel of the North Carolina Retail Merchants Association, which sponsored the study.

The forecast includes projections for November-December 2024. Projections for November 2024 show a slight decline of 1.6 percent over November 2023, with a forecast of a 2.2 percent increase for December 2024 over 2023. Historical trends indicate retail sales reach their highest peak in December.

The report does consider the areas affected by Hurricane Helene may experience significant differences in retail trade sales compared to statewide growth rates, depending on the storm’s impacts. The economic effects of Helene on state sales could vary based on the characteristics of the retail sector and the specifics of the affected areas.

“Many retailers in North Carolina have faced difficult challenges this fall due to the devastation of Hurricane Helene,” continued Ellen. “As the western part of the state recovers and rebuilds, we encourage everyone to support North Carolina businesses whenever possible this holiday season.”

Founded in 1902, the North Carolina Retail Merchants Association (NCRMA) is the voice of the retail industry for North Carolina, representing more than 25,000 stores across the state whose business represents 75 percent of North Carolina’s retail sales volume. NCRMA serves both large and small retailers from multi-state chains to local “mom and pops” and represents all genres of merchants. NCRMA’S ShopNC website and social channels showcase the attentive staff, unparalleled hospitality, and unique experiences North Carolina retailers provide to their local communities.

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