- Mark Wallheiser/Getty Images
President-elect Donald Trump is taking credit for a surge in US holiday spending that he says has exceeded $1 trillion.
But Americans haven’t spent close to that amount, according to the National Retail Federation.
Holiday spending is instead on track to reach a combined $656 billion in 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 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
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, more than six weeks before Trump won the election.
The study 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’s.
There’s no evidence that spending has already hit that level.
Despite Trump’s tweet, the NRF 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.”