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Bloomberg
Holiday retail sales will increase by 4.5 percent to 5 percent to more than $1.1 trillion this year as a strong US job market offsets concerns about an economic slowdown and the trade war with China, according to Deloitte.
“Near record-low unemployment rates, coupled with continued monthly job creation, may encourage people to spend more during the holiday season,†said Daniel Bachman, Deloitte’s US economic forecaster, in the company’s annual report on the US holiday outlook.
Deloitte’s forecast comes after US consumer confidence beat expectations in August, allaying fears that continuing tariffs would result in disappointing holiday sales.
The report also predicts
e-commerce sales will grow by 14 percent to 18 percent to as much as $149 billion. Still, there are potential risks that could derail the expected growth in holiday spending. Natural disasters or conflicts abroad could hit buyer sentiment, according to Rod Sides, US retail leader for Deloitte.