Outdoor furniture stores sell $1.5M worth of Christmas decorations
Outdoor furniture retailers including Home Depot, Nordstrom and Michaels have sold a record $1,566,567 worth of holiday decorations for the first three days of the holiday shopping season, according to the National Retail Federation.
The sales were revealed Wednesday by NREF President and CEO Paul Nesbitt.
The retail industry is in a frenzy to sell the festive holiday season.
The National Retail Foundation reported Wednesday that holiday decorations were sold out at retail stores in all 50 states and the District of Columbia in early January.
The NREFs Christmas Eve report was released as retailers and wholesalers scrambled to figure out how to handle the festive season.
“We have not seen any sales that have exceeded the previous high of $1 billion,” Nesbit said in a statement.
“However, as we approach the holiday season, retailers must remain vigilant in managing sales, particularly during peak shopping periods.”
This year, retailers have been forced to do some difficult things in order to keep sales afloat.
They have cut back on the amount of time it takes to process orders, and they have restricted the amount they can sell at Christmas time.
“At the same time, retailers are encouraged to continue to sell as much of their stock as possible at Christmas to help offset the effect of the higher sales,” NESBITT said.
The NREFS also noted that retailers are finding it harder to find items at lower prices and to keep up with the demand for Christmas gifts.
A record-breaking yearFor the first time in its history, retailers sold a total of $8.3 billion worth of gifts during the first six months of the year.
The annual report shows that the top five retailers on the list accounted for 58% of all sales, while Home Depot was at the bottom with 8%.
The report shows the retail industry continues to struggle to keep prices in check.
In its annual holiday report, Nesbits organization noted that the average price of a single gift for a family of four in January was $846, which was up from $834 in December.
In January, the average cost for a single family of 4 was $1-2,000.