The National Retail Federation (NRF) said on Thursday that it expects U.S. sales in November and December (excluding autos, gas and restaurant sales) to rise by 3.7% to $630.5 billion. Online sales are expected to climb between 6% and 8% to $105 billion.

"With several months of solid retail sales behind us, we're heading into the all-important holiday season fully expecting to see healthy growth," NRF President and CEO Matthew Shay said.