President-elect Donald Trump touted resilient holiday spending and a strong stock market in a self-congratulatory tweet on Monday evening.
"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!" the president-elect tweeted on Boxing Day.
A Deloitte University Press report in September projected that holiday sales this year will exceed $1 trillion, reflecting a 3.6 percent to 4.0 percent increase, though final holiday sales data is pending. The trillion dollar figure cited by Trump was not sourced in the tweet but a spokesperson replied by email that the source of the claim was the same forecast by Deloitte.
Other forecasts reflect similar findings. The National Retail Federation (NRF) in October projected a 3.6 percent increase in sales, excluding autos, gas and restaurant spending, in November and December, although its forecast of $655.8 billion is shy of the $1 trillion mark. The NRF credited "steady job and income gains" made before Trump's election win for the uptick in consumer confidence this holiday season.
Meanwhile, total post-election gains for the Dow Jones Industrial Average, S&P 500 and Nasdaq are 8.7 percent, 5.8 percent and 5.2 percent respectively.