Holiday Retail Sales Growth to Shrink to About 5%: Deloitte
Holiday retail sales are projected to increase 4%-6% year on year, following a 15.1% increase last year, reflecting the economic slowdown, said Deloitte’s 2022 holiday retail forecast Tuesday. The research firm projects November-January sales of $1.45 trillion-$1.47 trillion, with e-commerce…
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sales rising 12.8%-14.3% to $260 billion-$264 billion, it said. Retail sales are likely to be further affected by declining demand for durable consumer goods, which had been the centerpiece of pandemic spending, Deloitte said. Inflation will boost dollar sales, “although retailers will see less growth in sales volume,” said analyst Daniel Bachman. "As inflation weighs on consumer demand, we can expect consumers to continue to shift how they spend their holiday budget this upcoming season," said analyst Nick Handrinos. E-commerce will likely benefit as consumers “look for online deals to maximize their spending,” he said.