Retailers are expected to start the holiday shopping season earlier this year in an effort to sell excess inventory and get ahead of any recession.
at an annual rate of more than 8% and has caused shoppers to pare back spending. Sellers also fear that they have limited time before the labor market weakens and undercuts household purchasing power.
Holiday sales will likely increase between 4% and 6% this year, Deloitte said in its annual holiday retail. Overall, the firm projects holiday sales will total $1.45 trillion to $1.47 trillion during the November to January time frame. Retailers are more likely to promote in-store sales this year, too, following two seasons limited by the pandemic and then supply chain problems.
"They're saving money on flights and other things ... so they can protect essentials, and one of the things that the consumers tell us is that spending on your loved ones for the holidays is absolutely an essential purchase," he said.
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