The United Parcel Service (UPS) projects that record-breaking e-commerce shopping volume this holiday season could lead to a surge in returns for the shipping company.
In a press release on Wednesday, UPS said more than 1 million returns occurred each day in December leading up to Christmas, and the company expects that pace to continue through the remainder of the month.
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On January 3, what UPS expects to be “National Returns Day,” the package delivery company expects consumers to ship as many as 1.4 million parcels back to retailers, which is up 8% from one year ago and represents a fifth consecutive annual record.
Between Thanksgiving and New Year’s Eve, the company expects it will have delivered 750 million packages, which is up 40 million from 2016, it said.
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This holiday shopping season has been cheerful for retailers, as a surging stock market and increasing consumer confidence fuel spending. According to Mastercard SpendingPulse, retail sales rose at their strongest pace since 2011, up 4.9% between Thanksgiving and Christmas Eve. Meanwhile, e-commerce sales made up a significant share of those gains, at 18.1%.
