Get updates delivered to you daily. Free and customizable.
New York Post
Holiday sales to grow at slowest pace since 2018 as inflation wipes out consumers’ savings
By Taylor Herzlich,
4 hours ago
US holiday sales are forecast to grow at their slowest pace since 2018 amid fears that persistent inflation is wiping out consumers’ savings, according to a new survey.
That would be a far cry from last year, when retail sales in the same period grew 4.3% to total $1.5 trillion, according to the US Census Bureau.
“Rising credit card debt and the possibility that many consumers have exhausted their pandemic-era savings will likely weigh on sales growth this season compared to the previous one,” Deloitte Insights economist Akrur Barua said in a statement.
The forecast for the upcoming holiday season is in line with the 3.1% sales growth seen in 2018.
E-commerce sales are also expected to come in below last year’s figures, though they “will remain strong as consumers continue to take advantage of online deals to maximize their spending,” Michael Jeschke, leader of Deloitte’s retail and consumer division, said in a statement.
E-tailer sales are forecast to grow between 7% and 9% this holiday season, totaling up to $294 billion, which is below the 10.1% increase that totaled $270 billion last year, according to Deloitte.
In-store sales are predicted to rise between 1.3% and 2.1%, totaling up to $1.3 trillion, which is below a 3.1% jump to slightly less than $1.3 trillion last year, according to Reuters.
A holiday shopping pullback from consumers short on savings would deal companies a serious hit — and consumers across the board have seen their savings dwindle.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.