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America's wealthy likely to power coronavirus-hit holiday sales: Deloitte
How will coronavirus impact holiday shopping?
Retail Prophet founder and CEO Doug Stephens discusses why holiday shopping will be heavily impacted due to coronavirus safety and fourth quarter layoffs.
(Reuters) – The wealthy in America are expected to splurge online for gifts and home decorations this holiday season, even as the COVID-19 pandemic erodes sales growth to the slowest in at least a decade, according to a forecast from Deloitte.
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U.S. retail sales are expected to inch up 1% to 1.5% to as much as $1.15 trillion between November and January, led by a 25% to 35% rise in e-commerce sales, the consultancy firm said.
While the overall rise in sales would be slower than previous years, Deloitte’s U.S. retail and distribution leader Rod Sides said a surprise increase in back-to-school spending and higher savings rates than last year showed demand could be strong between Thanksgiving and Christmas.