Deloitte analyses holiday spend patterns, indicating that retail sales are forecast to be “less robust,” as reported by CNBC. It further indicated that holiday spending will depend “on how much splurging high-income consumers do, and how much belt-tightening takes place throughout lower-income households.”
According to Deloitte, holiday retail sales in 2020 are forecast to rise between 1% and 1.5%, touching $1.147 trillion and $1.152 trillion from November 2020 to January 2021 time period.
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A majority of holiday spending might happen online, as people are still avoiding crowded places. Deloitte expects the holiday e-commerce sales to surge by 25-35%, amounting to between $182 billion and $196 billion.
As Deloitte analyses holiday spend patterns, Rod Sides, vice chairman at Deloitte and its retail and distribution sector leader, said to CNBC, “We are going to see groups of consumers recover differently.”