Deloitte predicts: U.S. holiday sales growth may fall to the lowest level in 6 years

It is learned that on September 12, according to foreign media reports, the latest data released by Deloitte showed that US holiday sales are expected to grow at the slowest rate in six years. Due to continued inflation and reduced personal savings, consumers have become more cautious during this important shopping season.

The report predicts that holiday retail sales could grow 2.3% to 3.3% between November 2024 and January 2025, totaling $1.59 trillion, compared with last year's 4.3% increase to $1.54 trillion. It is worth noting that holiday sales typically account for more than half of U.S. retailers' annual revenue, and this change could have an impact on the entire industry.

The Deloitte report also pointed out that since there are only 27 days between Thanksgiving and Christmas this year, retailers have to launch more promotions in advance. Consumers of all income levels have been hit by a decline in personal savings. In recent months, the personal savings rate has dropped to around 3.4%, and the average level in June this year was 3.8%. Due to tight funds, consumers are expected to start looking for discounts in advance, including promotional items in categories such as groceries and household goods.

Despite the slowdown in overall retail growth, Deloitte predicts that e-commerce sales will remain strong during the holiday season, with an expected increase of 7% to 9% to a total of $294 billion, which is lower than last year's 10.1% increase, but still shows strong consumer demand for online shopping. Meanwhile, in-store sales are expected to grow only 1.3% to 2.1%, totaling about $1.3 trillion, compared with a 3.1% increase in the same period last year.

Michael Jeschke, head of retail and consumer goods at Deloitte Consulting, said that the increase in credit card debt and the depletion of savings during the epidemic may put greater pressure on sales growth during the holiday season. As consumers will be more inclined to look for offers and discounts through e-commerce platforms to maximize their spending, e-commerce channels will continue to provide important support for the retail industry.

Author ✎ Rayna/

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