Holiday retail sales forecast to reach $1.28 trillion to $1.30 trillion: Deloitte

Deloitte is forecasting a 7% to 9% increase in holiday retail sales this year, reaching a total of $1.28 trillion to $1.30 trillion during the November to January period. E-commerce is expected to grow 11% to 15% to between $210 billion and $218 billion. "As vaccination rates rise and consumers are more comfortable being outside of the home, we are likely to see increased spending on services, including restaurants and travel, while spending on goods will continue to hold steady," said Daniel Bachman, Deloitte's U.S. economic forecaster, in a statement. "A steady decline in the savings rate to pre-pandemic levels will support consumer spending and keep retail sales elevated this season." Mastercard SpendingPulse expects a 7.4% U.S. retail sales rise for the holiday season. The SPDR S&P Retail ETF has run up 43.8% for the year to date while the benchmark S&P 500 index is up 19% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Holiday retail sales forecast to reach $1.28 trillion to $1.30 trillion: Deloitte
Deloitte is forecasting a 7% to 9% increase in holiday retail sales this year, reaching a total of $1.28 trillion to $1.30 trillion during the November to January period. E-commerce is expected to grow 11% to 15% to between $210 billion and $218 billion. "As vaccination rates rise and consumers are more comfortable being outside of the home, we are likely to see increased spending on services, including restaurants and travel, while spending on goods will continue to hold steady," said Daniel Bachman, Deloitte's U.S. economic forecaster, in a statement. "A steady decline in the savings rate to pre-pandemic levels will support consumer spending and keep retail sales elevated this season." Mastercard SpendingPulse expects a 7.4% U.S. retail sales rise for the holiday season. The SPDR S&P Retail ETF has run up 43.8% for the year to date while the benchmark S&P 500 index is up 19% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.