Trump takes credit for '$1 trillion' holiday shopping boom -- but Americans haven't spent close to that yet

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.”
“We can’t compare our forecast with theirs since ours is only for November and December; it’s like comparing apples with oranges,” NRF spokeswoman Ana Smith said Tuesday of the Deloitte study.

NOW WATCH: How Amazon can become the world’s first trillion-dollar business

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.