How will Trump’s win impact holiday spending?

(Photo by Win McNamee/Getty Images)
Caption
(Photo by Win McNamee/Getty Images)

Credit: Win McNamee

Credit: Win McNamee

The National Retail Federation said Wednesday that it was "glad" that the election is over and hoped to work with President-elect Donald Trump and members of Congress on a "pro-growth, pro-job agenda."

Although the holiday shopping season is in full swing, many consumers were waiting for Tuesday's presidential election results before deciding how much to spend on gifts this year, the federation said.

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As of mid-October, roughly 43 percent of shoppers said they were being more cautious with their spending because of  uncertainty surrounding the election, according to a survey conducted on behalf of the trade group.

A quarter of consumers said the election would affect how much they spend on holiday items this year, the survey found.

Despite the uncertainty, the retail trade group — which does not endorse presidential candidates — has remained confident that holiday sales will grow this season. The federation annual holiday forecast predicts retail sales will reach $655.8 billion, up 3.6 percent over last year.

“It’s hard to measure the psyche of the electorate and how their feelings about the election will translate into consumer sentiment,” the federation wrote on its website before Tuesday’s vote. “If they are unhappy about the current state of the American political system, does that mean they won’t go out and buy? We don’t think so.”

In a statement released Wednesday, the federation’s president and CEO Matthew Shay said the group was hopeful that “pragmatism will prevail over ideology” as Trump begins staffing his administration.

“With the holiday season upon us, retailers are glad that this unprecedented election is over, along with the divisive rhetoric and the impact it had on consumers concerned about their future,” Shay said. “The next few months will offer many opportunities for us to educate lawmakers on our priorities, such as tax reform and investment in our nation’s infrastructure, as well as pro-growth policies that create jobs and reward capital investment. If this election taught us anything, it is the importance of focusing on policies and programs that not only benefit today’s economy, but the economy of the future and our next generation of workers.”