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Retail spending growth is expected to slow during the 2022 holiday season as higher costs continue to weigh on consumer budgets, according to a new forecast by Deloitte.
However, these higher costs are expected to drive a surge in e-commerce sales as more consumers seek out deals online "to maximize their spending," according to Nick Handrinos, vice chair at Deloitte.
From November through January, Deloitte projects that retail sales will grow between 4% and 6%, which is down considerably from the 15.1% growth during the same period last year.
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Meanwhile, e-commerce sales are estimated to grow between 12.8% to 14.3% compared with a year ago, according to Deloitte's report. Last holiday season, e-commerce sales grew 8.4%.
As a result, e-commerce holiday sales this year will likely reach between $260 billion and $264 billion, according to Deloitte.