The National Retail Federation (NRF) said Thursday that it expects sales to grow at a slower pace than in previous years.

But the association also projected retailers would make up to $967 billion in sales over the next two months, a gain of 4 percent from the same period last year.

In the past few years, “the holiday shopping season has been filled with unmatched peculiarities for consumers and retailers alike,” NRF chief economist Jack Kleinhenz told reporters. 

Shoppers spent $930 billion during the 2022 holiday season, NRF said, which was a 5.4 percent increase from the previous year.

Retailers are expecting sales to still grow, but at a slower pace.

“The last two or three years is quite an anomaly, especially because of the shortages and the price increases because of shortages,” Kleinhenz added.

The numbers come as recent data shows consumer sentiment has been on the decline amid high inflation.  

“There are consumer attitudes and then there are consumer actions, and inflation impacts their attitude,” said NRF President and CEO Matthew Shay.

“But as long as the job market is as strong as it is, their actions are going to continue to power the economy.” 

Shay also said he’s paying close attention to credit card balances, noting higher interest rates and borrowing costs could impact consumer spending this holiday season. 

The Hill’s Taylor Giorno has more here.