The National Retail Federation shared some holiday cheer for retailers: The federation predicts that U.S. shoppers will spend more than $1 trillion during the holiday shopping season. If this holds true, it will be the first time that U.S. consumers will have spent this much.

The retail federation said that it expects retail sales to clock in at $1.01 trillion to $1.02 trillion this holiday season.

That would be a jump of 3.7% to 4.2% from last year’s U.S. holiday sales of $976.1 billion.

Check out the video below for a deeper look at how holiday sales might benefit U.S. retailers today.