The National Retail Federation (NRF) predicts Americans will spend $1.01 trillion on holiday shopping in November and December. That is a 4.2% jump from $972 billion last year.

NRF said its forecast was based on economic modeling that incorporates consumer spending, employment, wages and ​historical retail sales data. It excludes automobile, gasoline and ​restaurant sales

​Extra Hiring: To handle the surge in shoppers, stores plan to hire 325,000 to 375,000 temporary holiday workers.

​Mixed Budget Impact: Higher gas prices and inflation could still strain some family budgets, affecting low- and high-income shoppers differently.

​Retailers expect a strong shopping season because people continue to make holiday spending a priority.

Store owners are ready to attract shoppers by offering competitive prices, deals, and choices for every budget.

While overall buying power remains high, ongoing inflation and rising household costs mean some families will have to watch their spending more carefully than others.