Surveys

Deloitte Predicts Muted Growth this Holiday Season

SurveysSep 15, 2022

Deloitte Predicts Muted Growth this Holiday Season

Holiday retail sales are expected to be up 4 to 6 percent, compared with 15 percent growth in 2021.

Holiday retail sales in 2022 are expected to increase between 4 to 6 percent year-over-year to $1.47 trillion, according to Deloitte’s annual holiday retail forecast.
New York—Holiday retail sales growth in 2022 will pale in comparison to last year’s strong numbers, according to Deloitte’s annual holiday retail forecast.
 
Sales for the season are expected to increase 4 to 6 percent year-over-year to $1.47 trillion.
 
In the same period last year, from November to January, holiday sales soared 15 percent over the year prior to $1.39 trillion.
 
The lower projected growth is a reflection of the slowdown in the economy this year, said Daniel Bachman, Deloitte's U.S. economic forecaster.
 
"Retail sales are likely to be further affected by declining demand for durable consumer goods, which had been the centerpiece of pandemic spending,” he said.
 
Spending on consumer services, like restaurants, is expected to grow as pandemic restrictions ease.
 
 Related stories will be right here … 
 
Inflation should raise dollar sales, but retailers will likely see less growth in sales volume, he added.
 
The consumer price index (CPI), which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 0.1 percent month-over-month in August and 8.3 percent year-over-year.
 
Economists had expected CPI to fall 0.1 percent month-over-month, especially since energy prices were down, but a rise in food and shelter costs offset that decline.
 
"As inflation weighs on consumer demand, we can expect consumers to continue to shift how they spend their holiday budget this upcoming season," said Nick Handrinos, vice chair, Deloitte LLP, and U.S. retail, wholesale and distribution and consumer products leader.
 
E-commerce sales, notably, are expected to put on an even stronger performance this year, forecast to grow 12 to 14 percent with sales between $260 billion to $264 billion.
 
In 2021, e-commerce sales grew 8 percent to $231 billion.
 
"Retail sales are set to increase as a result of higher prices, and this dynamic has the potential to further drive e-commerce sales as consumers look for online deals to maximize their spending,” said Handrinos.
 
“Retailers across channels who remain aligned with consumer demand and offer convenient and affordable options can be well positioned for success this season."
 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

CollectionsFeb 02, 2023
Lowe’s Is Now Selling Jewelry

The home improvement store’s website features an “Empowerment Tools” demi-fine jewelry collection.

Events & AwardsFeb 02, 2023
Registration is Now Open for JIS Spring 2023

The show will feature a new pavilion of 30 jewelry designers and manufacturers from Surat, India.

Policies & IssuesFeb 02, 2023
Tiny Radioactive Capsule Lost in Australian Outback Found

A government official said search crews “found the needle in the haystack” when they located the capsule belonging to Rio Tinto along an 870-mile stretch of road.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

TrendsFeb 02, 2023
Amanda’s Style File: Purple and Playful

Amanda Gizzi welcomes February with a selection of amethyst jewelry, a birthstone that “deserves its own time to shine.”

Weekly QuizFeb 02, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
EditorsFeb 01, 2023
Designers to Watch in 2023: Boochier

Behind the playful and nostalgic brand lies deeper meaning.

Events & AwardsFeb 01, 2023
New Miami Jewelry Center Slated to Open in Q1

The Time Century Jewelry Center is located in downtown Miami’s jewelry district.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

MajorsFeb 01, 2023
Six New Retailers Appointed to IJO’s Board of Directors

The IJO also welcomed one new vendor member to its 13-member board, Brecken Farnsworth of Parlé Jewelry Designs.

ColumnistsJan 31, 2023
Squirrel Spotting: How About a Word for the New Year?

It begins with a “t” and ends with a “c” and is imbued with warmth and positivity, Peter Smith writes.

Policies & IssuesJan 31, 2023
Rio Tinto Issues Apology After Radioactive Capsule Goes Missing

The tiny capsule, which is believed to have fallen out of a truck, was lost somewhere along an 870-mile stretch of desert road.

MajorsJan 31, 2023
Indian Jewelry Brand Tanishq Opens First U.S. Store, More on the Way

The jeweler’s expansion plans include 20 to 30 more stores in North America and the Middle East over the next two to three years.

Events & AwardsJan 31, 2023
Gucci Is Getting a Gem Award

The Italian luxury brand will receive the first Gem Award for High Jewelry Excellence.

MajorsJan 31, 2023
Martin Flyer Names New VP of Business Development

Industry veteran Kevin Lane has stepped into the role.

MajorsJan 30, 2023
Researchers Uncover Bejeweled ‘Golden Boy’ Mummy

The ancient Egyptian teenager was buried 2,300 years ago with 49 amulets to guide him through the afterlife.

Events & AwardsJan 30, 2023
JA Is Searching for the Next Retail ’20 Under 40’

Nominations are open now through March 24.

MajorsJan 30, 2023
10 Jewelry News Stories You Might Have Missed

A column detailing how independent jewelers did last year and the top watch brands of 2022 were among the most-read stories last week.

FinancialsJan 27, 2023
Tiffany & Co. Shines for LVMH in 2022

Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.

MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board Member

Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

MajorsJan 25, 2023
John Hardy Names New CEO

Luxury retail executive Frédéric Levy has taken on the role.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy