Deloitte predicts a surge in consumer spending in the US this Christmas, no matter how unbelievable it sounds in the midst of a pandemic
Deloitte predicts a surge in consumer spending in the US this Christmas. This is despite the ongoing economic uncertainty and unemployment due to the pandemic. Driven by e-commerce, spending will increase from 1% to 1.5% between November and January, Deloitte estimates, referring total spending of $ 1.15 trillion.
The increase in this percentage would be a slowdown compared to last year, which increased by 4.1%, according to the National Retail Federation. “I think we will return to the levels we have seen in the past,” said Rod Sides, Deloitte’s vice president, in an interview.
Retailers are trying to recover. In view of the critical season, the market is adopting and expanding contactless transactions to try to persuade consumers to spend again.
Deloitte recognizes an increased level of uncertainty this year and predicts two different scenarios for the holiday season. Consumers may still be worried about health, unemployment, school closures or other issues, keeping spending almost the same as last year. On the other hand, If there is a climate of optimism and confidence-building for a return to normalcy, this could increase sales by up to 3.5%.
The overall view is a combination of the two scenarios.