Holiday shoppers are expected to spend more this season, with retail sales projected to increase between 2.3% and 3.3%, according to Deloitte’s 2024 Holiday Forecast. While this growth marks a slower pace than last year’s 4.3% rise, it reflects a return to pre-pandemic spending patterns. Deloitte analysts say that rising disposable income and a steady labor market will help drive sales, despite inflation concerns and increasing credit card debt.
E-commerce continues to show strong gains, with online sales expected to grow by 7.0% to 9.0%, totaling up to $294 billion. Shoppers are expected to maximize their spending through online deals, as retailers focus on building loyalty and trust with consumers.
Deloitte projects total holiday sales to reach $1.58 to $1.59 trillion during the November to January period, a modest yet steady increase as the economy trends toward long-term stability.
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