Business

Holiday shopping is expected to reach record highs this season, but a growing number of those purchases will be sent back, piling on to an already multibillion dollar problem for retailers. According to the National Retail Federation and return management company Happy Returns, returns in 2024 are projected to be 17% of all merchandise sales in the United States, totaling $890 billion. The projected total is up from a return rate of about 15%, or $743 billion, in 2023. As shopping peaks in the weeks ahead, stores expect the holiday return rate to be 17% higher than the annual rate. …