Retail sales expectations for the 2022 holiday season have begun to trickle out and one early prediction looks rosy for e-commerce while overall sales growth could be tamped down by inflation. Global consultancy Deloitte’s annual retail forecast calls for overall retail sales in November and December to increase between four and six percent from 2021.
Deloitte expects e-commerce sales, on the other hand, to grow up to 14.3 percent higher than last year after a relatively tame 8.4 percent growth rate from 2020 to 2021.
Overall, holiday sales will cool from last year’s significant 15 percent growth as retailers bounced back from the Covid year of 2020. Total holiday sales for 2022 will reach up to $1.47 trillion. Deloitte expects e-commerce to account for around $262 billion in sales during the holiday.
"As inflation weighs on consumer demand, we can expect consumers to continue to shift how they spend their holiday budget this upcoming season," said Nick Handrinos, vice chair of Deloitte LLP, and U.S. retail, wholesale and distribution and consumer products leader. "Retail sales are set to increase as a result of higher prices, and this dynamic has the potential to further drive e-commerce sales as consumers look for online deals to maximize their spending.”
