Inflation is pushing up prices, but retailers are still going to see less growth in sales volume, according to Deloitte. E-commerce sales are expected to increase from a year ago.
growth is expected to slow during the 2022 holiday season as higher costs continue to weigh on consumer budgets, according to a new forecast by Deloitte.
From November through January, Deloitte projects that retail sales will grow between 4% and 6%, which is down considerably from the 15.1% growth during the same period last year. are estimated to grow between 12.8% to 14.3% compared with a year ago, according to Deloitte's report. Last holiday season, e-commerce sales grew 8.4%.
The lower projected growth for in-store retail sales this season "reflects the slowdown in the economy this year," Deloitte’s U.S. economic forecaster Daniel Bachman said. Bloomingdale's department store in the SoHo neighborhood of New York, U.S., on Sunday, Oct. 24, 2021.
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