The holiday season tends to be the busiest for retail sales, and going by how shoppers opened their wallets during the 2023 season, many are wondering if 2024 will be another banner season for retailers.

Last year, the average consumer spent around $1,530 on gifts and other needs for the holidays, according to Mailmodo. The United States Department of Commerce indicated retail sales grew 4.1% year over year in November 2023. Industry forecasters have made a few predictions for the 2024 holiday spending season, and these are some key takeaways.

The presidential election likely will have a major impact on consumer shopping. Shoppers were expected to bide their time (and possibly their spending) until they felt better about the election outcome. Forecasters suggested if a consumer-chosen candidate wins, they feel more comfortable about higher spending. If not, spending may be curbed.As retailers learn more about consumers' preferences for personalized offers, shoppers may find finely tuned discounts and offers appearing in their emails or text messages.Forty-three percent of consumers are carrying more debt now than in 2023 because they are reliant on their consumer credit cards more than ever. Expect to see more "buy now, pay later" deals by retailers to lure in customers.Salesforce research says consumers will continue to utilize the convenience of online shopping on Black Friday, blurring the lines between that popular retail holiday and Cyber Monday.