The holidays are just around the corner, and many retailers are already anticipating what this year’s holiday shopping season will hold with COVID still playing a role in consumer spending. Three companies released holiday spending forecasts and fortunately, the news looks positive. According to Mastercard SpendingPulse, which forecasts consumer buying trends, holiday sales in 2021, excluding automotive and gas, will increase 6.8 percent, while e-commerce sales will be 7.5 percent above 2020 levels.
Bain, a management consulting company, forecasts a growth of 7 percent in November and December, with total sales of $800 billion. Deloitte, which offers audit, consulting, tax and advisory services, expects holiday retail sales to increase 7 to 9 percent.
Overall U.S. retail sales will grow 7.4 percent in 2021 compared to 2020, according to Mastercard. Spending is expected to increase both online, up 7.6 percent, and in-store, with an increase of 6.6 percent.
Continuing supply chain issues and a shortage in workers mean longer shipping times and limited inventory, but retailers can plan ahead to offer their customers a positive shopping experience. Discover how some retailers are setting up special events and displays in their stores to encourage the holiday spirit and spending and learn how to add holiday entertaining niches to your operation to meet your customers’ needs.