Holiday sales in the United States are estimated to grow at their slowest pace in five years, according to a report released on Wednesday, as dwindling household savings and worries over the economy prompt consumers to spend judiciously. Sales across physical stores and online channels are expected to rise by 3.5% to 4.6% between November and January, for a total of $1.54 trillion to $1.56 trillion, according to Deloitte. That compares to a 7.6% increase in 2022, Deloitte said, when high inflation drove up prices for everything from Christmas cardigans and toys to home appliances.
FILE PHOTO: People shop during a Black Friday sales event at Macy's flagship store in New York City - Holiday sales in the United States are estimated to grow at their slowest pace in five years, according to a report released on Wednesday, as dwindling household savings and worries over the economy prompt consumers to spend judiciously.
Last month, retail bellwether Walmart said there was reason to be cautious about the consumer in the back half of the year, owing to the restart of student loans, gas prices creeping back up again and pressure from high interest rates - factors the company said could pressure its profit margins. Deloitte's estimates are based on its projections for inflation of 3.6% for the year, compared with 7.1% last year, it said.
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