US consumers are set to spend big money this holiday season.
U.S. consumers are expected to bring plenty of joy to retailers.
A recent survey from Deloitte predicts that across the country, 78% of consumers plan to spend about the same or more than last year this holiday season despite growing concern about the near-term economic outlook. Data from the index shows that consumers are expected to spend $1,496 per household this holiday season. Only one third of total spending will be on gifts while 40% will be spent on experiences (e.g. dining and travelling).
Deloitte also projects that holiday sales will exceed $1.1 trillion during the November–January timeframe. E-commerce sales are also forecasted to grow by 14–18%, year-over-year, during the 2019–2020 holiday season, compared to sales increasing by 11.2% in 2018. The robust growth will likely result in e-commerce holiday sales reaching between $144–149 billion this season. Deloitte is forecasting a 14 to 18% increase in 2019 holiday e-commerce sales compared with the same period in 2018. E-commerce sales between November 2018 and January 2019 (seasonally adjusted and excluding gasoline stations, motor vehicles and parts dealers and food services) grew 11.2% totaling $126.4 billion.