Deloitte Projects Retail Holiday Sales of $1.1 Trillion
The retail industry is primed to outperform what was a record-setting holiday shopping season last year, according to new data collected from Deloitte for the firm’s annual holiday shopping forecast. Record-low unemployment coupled with strong consumer confidence and building sales momentum have the industry primed for another strong holiday.
According to Deloitte’s forecast, retail could see sales growth of between 5 and 5.6 percent over a year ago, bringing the total holiday shopping figure north of $1.1 trillion—up from $1.05 trillion last year.
"We think most retailers will have a good holiday season if they have a distinctive value proposition," Rod Sides, vice chairman of Deloitte's U.S. retail and distribution practice, told CNBC. "We think off-price will continue to do well, and there will be a rebound in luxury."