(New York) U.S. traders on Tuesday welcomed a strong start to holiday shopping despite inflation, but warned the threat of a rail strike could derail the season.
More Americans than last year opened their wallets between Black Friday and Cyber Monday, the big weekend of massive in-store and online promotions that traditionally mark the start of the shopping season for Christmas, according to data from the National Distribution Federation (NRF).
However, they regularly express in opinion polls their reluctance to consume more in this period of economic uncertainty.
But “they say one thing and do another,” NRF President Matthew Shay remarked on a conference call.
For him, the strength of the labor market makes it possible to offset the higher costs of gasoline and basic necessities.
In total, according to the NRF, 196.7 million Americans, or about 60% of the population, made at least one purchase in store or online during this long weekend. This is 17% more than in 2021, thanks in particular to an increase in footfall in stores.
They spent an average of $325.44 on holiday-related purchases.
Sales for the entire season are expected to increase between 6% and 8% compared to last year to reach up to 960.44 billion dollars, predicts the NRF.
“Consumers are spending and, in general, merchants are happy with their inventory levels,” said Matthew Shay.
However, the possibility of a rail freight strike worries the sector.
Some rail freight unions, unhappy with a branch agreement on wages and working conditions, have warned that they could stop work after December 9 if they do not win their case. .
President Joe Biden on Monday asked the US Congress to legislate “without delay” to avoid this potential social movement.
This would have “devastating” effects on the economy, said Matthew Shay.
Not only would a strike hurt a freight transportation system that is just beginning to recover from supply chain problems caused by the COVID-19 pandemic, but it could also affect consumer morale “at the worst time.” for traders, he said.