The holiday season is a time for celebration, reflection, and gratitude — and for businesses it can be the most wonderful time of the year, with U.S. commerce steadily increasing during the holiday time period for the past decade.
Based on estimates from the data company Statista, the total value of U.S. retail sales over the holiday shopping season is forecast to reach $973 billion in 2024. This marks a 4.8 percent increase from the previous year's value, which totaled about $929 billion — and a 65 percent increase since 2014 when sales hit about $588 billion.
Retail sales also increase in November and December in other countries, such as across Europe, with consumers boosting their spending on gifts and food during the holiday season.
An Economic Occasion for Celebration
For American businesses, the heightened consumer spending during the holidays — both in the U.S. and around the world — represents an occasion for celebration. The Export-Import Bank of the United States (EXIM) equips companies of all sizes with tools to capitalize on these opportunities to expand business.
The U.S. Census Bureau provides another look at the economic impact of holiday shopping, based on sales figures from the last holiday shopping season:
- The estimated value of retail sales by electronic shopping and mail-order houses in December 2023 reached $131.1 billion, the highest estimated total for any month last year.
- The estimated retail sales for the nation’s department stores in December 2023 totaled $16.6 billion.
- The fourth-quarter 2023 seasonally adjusted after-tax profits for U.S. retail trade corporations, with assets of $50 million and over, reached $48.3 billion. That was up $4.4 billion from the $44.0 recorded in the third quarter of 2023.
While the U.S. market offers many opportunities, the vast majority of the world's consumers — an estimated 95 percent of the population — lives outside the United States. That means U.S. companies of all sizes can increase their sales and grow their business by exporting their American-made goods and services around the world. In recent years, U.S. exports have topped $3 trillion, illustrating the possibilities.
Supporting U.S. Businesses Year Round
EXIM can help American businesses take advantage of global opportunities during the holiday season and throughout the year, with trade finance tools including:
- Export Credit Insurance to protect against the risk of not getting paid.
- Working Capital Loan Guarantees to provide necessary cash flow.
To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a trade finance specialist and start your export journey today.
