Washington, D.C., Following one of the strongest holiday seasons in recent memory last year, the National Retail Federation (NRF) projected an annual gain of 5% for retailers during the upcoming holiday season, despite concerns that rising energy prices and other factors may make it difficult to match last year’s sales.

NRF chief economist Rosalind Wells averred that instead of labeling high gas prices as the sole make-or-break factor, “it is crucial for analysts to look at the big picture instead of isolating one economic indicator to project sales.” She added that the job market, disposable income and consumer confidence would be just as important for retailers in the upcoming season.