Shoppers in the US are planning to make the upcoming holiday season a festival of big spending. And retailers are rubbing their hands in glee as the season typically accounts for about 23 percent of annual retail sales.

The National Retail Federation's latest survey says sales in the run-up to Thanksgiving and Christmas are expected to rise 4.5 percent to $219.9bn (€179.2bn, £122.8bn), compared with the same period last year.

Fashion, electronics and home-wares are predicted to be the fastest movers off the shelves.

Says NRF chief economist Rosalind Wells: "Although consumer spending has been inconsistent in recent months, we expect the holiday season to bring more stability to the industry."

US retail sales have been hit this year by higher gas and food prices, concern over jobs and the unusually violent hurricane season.

Data sourced from: Hindustan Times; additional content by WARC staff