Americans are expected to spend more money this holiday season. Rod Sides with the auditing firm Deloitte told Michigan News Network they’re forecasting retail holiday sales will increase 4% to 4.5%
“We look at things like savings rates,” Sides said. “So, savings rates have peaked over the last two years, and have stabilized now and are going down. What that means is that folks are not saving as much of the income as they have historically. That means they’ll typically spend more for the holiday perspective. Then, what we also found was that personal income levels have also risen in the last year.”
Sides says that means a higher spending level in retail. E-commerce sales are also expected to increase, 18% to 21% during the 2017 holiday season.