Deloitte: Holiday Retail Sales Expected to Grow Between 4.5 and 5%

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September 25,2019
This holiday season, U.S. consumers are likely to spend up to 5% more compared to last year, according to a forecast recently published by Deloitte. Low unemployment rates and a growing economy are the leading causes of the projected growth.

When the holiday season comes around, Americans go into a shopping frenzy. In the period between November 2018 and January 2019, U.S. consumers spent $1.09 trillion, which presented a 3.1% increase. This year, Deloitte predicts that seasonal spending will surpass $1.1 trillion.

While retailers selling goods from brick-and-mortar stores can look forward to a spike in sales, online merchants can expect an even more significant boost. According to Deloitte’s analysts, e-commerce year-over-year sales growth will be between 14 and 18%. During the same three-month period last year, holiday spending increased by 11.2%. If this year’s predictions prove to be accurate, e-commerce holiday sales will reach $149 billion.

“The projected holiday season growth is, in part, due to the current health of the labor market. Near record-low unemployment rates, coupled with continued monthly job creation, may encourage people to spend more during the holiday season,” said Daniel Bachman, Deloitte’s U.S. economic forecaster.

While some economists fear that the U.S.-China trade war will slow the economy down, Bachman reminds that the economy is still growing, albeit at a slower rate. “We continue to see consumer confidence elevated, which also helps boost holiday spending,” he adds.

“Based on a growth in consumer disposable income and spending indicators, retailers, across channels, should expect a strong holiday season in 2019,” said Rod Sides, vice chairman of Deloitte.

Sides notes that retailers have been striving to improve customer experience and increase their omnichannel efforts. “But, convenience is the new retail currency. Retailers who offer seamless experiences, have products available, and can deliver items more quickly than ever are most likely to win this holiday season.”

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Today at Paris Retail Week, a group of companies headed by Global POS has announced that starting in early 2020 bitcoin will be accepted as a payment method in 25,000 stores across France.Point-of-sale technology provider Global POS, EasyWallet application, and payments platform Easy2Play are joining forces to launch this cryptocurrency payment system in the first quarter of next year. They say their goal is to enable the 4 million French consumers to spend their bitcoin in retail stores.Around 30 retailers have agreed to accept the world’s largest cryptocurrency in their stores at more than 25,000 sales points. Among them is the American footwear company Foot Locker, along with numerous French brands such as sportswear giant Decathlon, cosmetics retailer Sephora, and furniture and home decor store Maisons Du Monde."This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of the 3.0 economy,” Stéphane Djiane, CEO and Founder of Global POS told a French crypto portal, Cryptonews.Payments made in bitcoin will be automatically converted into euros when the sale is made. French cryptocurrency trading platforms Deskoin and Savitar will provide conversion services. Both companies are currently applying for Digital Asset Service Provider accreditations under France’s PACTE Act."With our partners, we want to simplify the adoption of cryptocurrencies as a real means of payment within the framework defined by the law. Though initially, the service we offer will allow only the use of bitcoin, our goal is to open our solution to other cryptocurrencies in the future," Djiane added.
By Ivana V. · August 26,2021
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By Ivana V. · September 16,2019
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By Ivana V. · July 07,2021

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