Holiday Retail Sales Growth Expected to Slow This Year as Shoppers Face Economic Headwinds
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Holiday retail sales are expected to increase 3-4% this year, lower than the 5.3% growth in 2022 and 12.7% growth in 2021.
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E-commerce sales are forecast to grow 7-9%, faster than overall retail sales growth.
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Consumers face economic pressures like higher interest rates, credit card debt, and expired student loan payment pause.
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Retailers see signs of resilience but expect moderation in spending compared to pandemic peaks.
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Major retailers like Walmart and Target will report holiday quarter earnings and outlooks this month.
