Lots more consumers will be shopping e-commerce sites when it comes to the holiday purchases this year with one annual forecast predicting growth to land between 12.8% and 14.3% compared to the same time frame in 2021.
In comparison, holiday retail sales are projected to increase between 4% and 6% this year compared to 2021, according to Deloitte’s retail and consumer products practice. In 2021, holiday sales grew by 15.1% in the same period.
This year’s holiday retail sales will total $1.45 trillion to $1.47 trillion during the November to January time frame, according to a press release on the sales data. This year’s e-commerce holiday sales are expected to reach between $260 billion and $264 billion.
“The lower projected growth for the 2022 holiday season reflects the slowdown in the economy this year. Retail sales are likely to be further affected by declining demand for durable consumer goods, which had been the centerpiece of pandemic spending. However, we anticipate more spending on consumer services, such as restaurants, as the effects of the pandemic continue to wane,” Daniel Bachman, Deloitte’s U.S. economic forecaster, said in the release. He added, “inflation will also help to raise dollar sales, although retailers will see less growth in sales volume.”
Retail sales between November 2021 and January 2022 (seasonally adjusted and excluding automotive and gasoline) grew 15.1% and totaled $1.39 trillion according to the U.S. Census Bureau.
E-commerce sales between November 2021 and January 2022 (seasonally adjusted and excluding gasoline stations, motor vehicles, parts dealers and food services) grew 8.4%, totaling $231 billion.
