Holiday Sales to Grow by Up to 6% - Deloitte

RAPAPORT... US retail sales will rise by 4% to 6% year on year this holiday season as higher prices compensate for sluggish consumer sentiment, Deloitte predicted.Revenues will total $1.45 trillion to $1.47 trillion from November to January, the professional-services group projected Tuesday. E-commerce sales will grow by 13% to 14% for a total of between $260 billion and $264 billion.The overall growth rate will slow compared with last year's 15% increase, reflecting the negative impact of inflation as well as a shift toward spending on services and experiences, the company explained."As inflation weighs on consumer demand, we can expect consumers to continue to shift how they spend their holiday budget this upcoming season," said Nick Handrinos, vice chair at Deloitte and leader of its US retail, wholesale, distribution and consumer-products division. "Retail sales are set to increase as a result of higher prices, and this dynamic has the potential to further drive e-commerce sales as consumers look for online deals to maximize their spending." Image: Holiday shopping bags. (Shutterstock)