2024 holiday shopping sales predictions | Reuters
The holiday shopping season is about to kick off, and this year, U.S. retailers are preparing for a tighter window between key shopping events like Black Friday and Cyber Monday. With shoppers keeping a sharp eye on prices, retailers count on deals and promotions to boost sales. Despite the price sensitivity, several projections still show growth in holiday retail sales, though the expected increases vary by source.
Mastercard Economics Institute projects a 3.2% bump in retail sales between November 1 and December 24. This estimate covers in-store and online purchases, leaving out big-ticket items like cars. Deloitte offers a broader forecast, predicting that sales could rise between 2.3% and 3.3% from November 1 through the end of January. Their model considers Disposable Personal Income a key driver for holiday spending, meaning consumers’ wallets and comfort with spending could heavily influence the final outcome.
When it comes to online shopping, the outlook is even more optimistic. Adobe Analytics expects an 8.4% growth in online sales, totaling $240.8 billion from November 1 to December 31. They base this on direct online transactions from over 5,000 shoppers. Salesforce, which pulls data from 1.5 billion global consumers using its platform, sees global and U.S. online sales rising by 2% during the same period.
What’s clear from these forecasts is that while retailers are gearing up for growth, consumers remain cautious, potentially driven by economic factors like inflation or disposable income. The balance between snagging deals and making sure the holiday season meets retailers’ expectations will be closely watched, both in stores and online………
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Rising Dough
As shoppers become more price-conscious, how might retailers use marketing strategies to influence consumer behavior and encourage spending, particularly during critical holiday shopping events like Black Friday and Cyber Monday?
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