The National Retail Federation predicts Christmas holiday season sales to jump 3.8 percent touching a record $469.1 billion, instead of its previous forecast made on October 6, 2011, when it mentioned sales would rise 2.8 percent.

The good sales observed in October, November and on Black Friday are giving retailers hope to be optimistic about holiday sales, although there is a caution of the probability of the market uncertainty and crisis in Europe to affect sales. The research body noted ‘consumer spending this holiday season has surpassed expectations’, but some ‘continue to stick to their budgets’

Retail industry sales for November rose 4.5 percent y-o-y, according to NRF, whose recent holiday survey noted that the average American has so far completed far less of their holiday shopping as compared to previous year, and as such there is yet a lot more shopping expected to be done.

The increase in sales of 3.8 percent is higher than the ten-year average sales increase of 2.6 percent, but lower than the 5.2 percent increase for the retail industry last year.