Rosy measures of holiday e-commerce spending continue to emerge in advance of the post-Thanksgiving period, with predictions from Deloitte and Mastercard arriving this week.
Global business consultancy Deloitte expects e-commerce spending to increase between 11 and 15 percent, accounting for up to $218 billion of $1.3 trillion in consumer spending during November and December.
"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. A steady decline in the savings rate to pre-pandemic levels will support consumer spending and keep retail sales elevated this season," said Daniel Bachman, Deloitte's U.S. economic forecaster. "Further, e-commerce sales will continue to grow as consumers demonstrate an ongoing and steady movement toward buying online across all categories."
Mastercard also predicts a measurable increase in e-commerce sales for the holidays. According to the Mastercard SpendingPulse, online spending will be more than 11 percent higher this year compared to 2020. And, to shed some perspective on how much Covid lockdowns affected e-commerce in general last year, this year’s prediction is 57 percent higher than holiday spending in 2019.
“This holiday season will be defined by early shopping, bigger price tags and digital experiences,” said Steve Sadove, senior advisor for Mastercard, in its report. “Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet.”