Holiday sales to slow this season, Deloitte forecasts

Holiday sales are expected to grow more slowly this year as shoppers tighten their budgets, Deloitte said in its holiday forecast on Wednesday. 

Between November and January, Americans are projected to spend about $1.62 trillion, up slightly from $1.57 trillion last year. However, holiday sales are expected to rise at 2.9% to 3.4%, weaker than 2024’s 4.2% rise.

Online shopping will still see healthy growth, climbing 7% to 9% to as much as $310.7 billion. But with rising prices and trade pressures, consumers are likely to be more careful.

Many may look for discounts, choose private-label brands, or start shopping early.

Adding to the caution, a PwC survey found Americans plan to spend 5% less overall this holiday season, the first cutback in holiday spending since 2020.