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President-elect Donald Trump claims holiday spending has exceeded $1 trillion, and he’s taking credit for the shopping surge.
But Americans haven’t spent close to that amount, according to the National Retail Federation.
Holiday spending is instead on track to reach $656 billion during the months of November and December, according to the NRF.
In a tweet Monday evening, Trump said the world was “gloomy” before he won the presidential election and “there was no hope.”
“Now the market is up nearly 10% and Christmas spending is over a trillion dollars!” he tweeted.
The Trump campaign didn’t provide a source for the $1 trillion figure, but it appears to come from a Deloitte study that was released in September.
The study, which was published more than six weeks before Trump won the election, forecast that holiday spending would exceed $1 trillion in the three months from November to the end of January, representing a 3.6% to 4% increase over last year.
There’s no evidence that spending has already hit that level.
Despite Trump’s tweet, the National Retail Federation says it’s sticking to its estimate of $656 billion in spending for the holiday period ending in December and said that projection would “either be met or exceeded.”
The world was gloomy before I won – there was no hope. Now the market is up nearly 10% and Christmas spending is over a trillion dollars!
— Donald J. Trump (@realDonaldTrump) December 26, 2016