Holiday spending expected to increase in 2020

Sep 24, 2020
Written by wpengine

The Deloitte accounting firm projects that holiday spending could increase by 1.5% this year.

The firm acknowledges that the pandemic will keep results lower than in recent years but noted that e-commerce sales increases could rise by as much as 35%. It foresees holiday sales approaching $1.1 billion.

Retailers will be challenged by the trend toward consumers saving money. Deloitte reported that the current savings rate is more than double what it was last year, 17.8% in July as opposed to 7.4% a year ago.

Deloitte’s most optimistic holiday forecast is a 3.5% sales increase that would depend on Congress approving more financial aid for taxpayers and progress on developing an effective COVID-19 vaccine.

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