(NewsReady.com) – In 2019, retail sales during the holiday season grew 4.1%. There was a lot of concern that holiday shopping was going to suffer because of the COVID-19 pandemic. However, projections are looking pretty good for the season.
According to the consulting firm Deloitte, sales growth isn’t going to be as good as it was last year, but it will still grow. The firm predicts it will rise between 1% and 1.5% between November and January. However, spending could increase more depending on what happens with one group.
Holiday spending will hinge on how much the rich splurge and the poor cut back, Deloitte says https://t.co/Fi7jFgJR8g
— HEDGE accordingly📈 (@HAccordingly) September 18, 2020
Economists believe the spending will be uneven among economic classes because wealthier people are recovering more quickly than those at the bottom of the economic ladder. If those at the top decide to spend more money, they could cause the growth to jump 2.5% to 3.5%. Only time will tell how it’s going to play out.
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