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Holiday spending far exceeding initial forecasts; may surpass $1 trillion

Posted at 9:16 PM, Dec 26, 2016
Holiday spending for 2016 is far exceeding expectations — significantly surpassing the National Retail Federation’s prediction of $655 billion.
The NRF’s prediction, though lower than reality, would have already been an increase of more than 3 percent, according to the organization’s website. But according to Forbes and other sources, holiday spending is now actually expected to exceed $1 trillion.
President-elect Donald Trump cheered the news on Twitter, claiming the world was “gloomy” and had “no hope” before his victory against rival Hillary Clinton.
Online sales were expected to increase between 7 and 10 percent to as much as $117 billion, according to the NRF’s initial forecast.
Forbes also reported 76 percent of Americans are using mobile devices for holiday shopping this year — evidence of the significance of smartphones in today's world of retail.
On average, U.S. adults planned to spend $419 on holiday-related items this season.