Americans Expected To Spend $721 Billion This Holiday Season

PHILADELPHIA (CBS) -- With the holidays right around the corner, you may have already started your shopping, or at least started thinking about it.

Well, get your wallet ready because holiday spending is expected to increase this year.

The National Retail Federation is predicting that sales in November and December will increase between 4.3 and 4.8 percent from a year ago.

Americans are expected to shell out as much as $721 billion on the holidays this year.