The National Retail Federation has delayed its holiday retail forecast until November, calling the 2020 holiday season a puzzle with many wildcard pieces. Deloitte has forged ahead with its own, surveying 4,000 American consumers to gauge the all-important consumer sentiment. The results were grim for retailers. Though consumers sometimes say one thing and then spend their money as thought they have said quite another, the year 2020 has many feeling wary, as the coronavirus pandemic threatens health and financial stability at one and the same time. Deloitte predicts that holiday retail spending will take a big hit as a result, falling 7%. But it wasn't all bad news.
Even with consumers keeping a tight rein on holiday spending, Deloitte predicts that retail overall should see a 1% to 1.5% bump in revenues.