Roughly two weeks before the turkey hits the table, I’d like to disclose that most of my holiday shopping is done. Not bragging, mind you. But plenty of gifts are already bought and, yes, many even wrapped and shipped off to family and friends who live outside of Michigan.
Sure, my gift giving work isn’t finished. I’ll need to dig through the gift closet for presents for those who live closer to home. And yes, I still will be shopping. Anyone who knows me knows I will be shopping, just maybe not as much as some this holiday season.
And, if the retailers are right, it could very well be a busy season for shoppers. Higher prices, inflation, a wobbly stock market and fears of a recession in 2023 all triggered a great deal of financial anxiety.
But if forecasts are accurate, good luck finding a parking spot on Black Friday.
Holiday sales are expected to grow anywhere from 6% to possibly as high as 8%, according to the National Retail Federation, which tends to be optimistic about such things.
Deloitte’s holiday forecast calls for sales gains around 4% to 6% during November to January — which is down significantly from 15.1% from the same period last year.
Holiday sales exploded last year when consumers had more cash on hand, felt less stressed about COVID-19 health risks after being vaccinated and made up for lost trips and time in 2020. Holiday retail sales have averaged an increase of 4.9% over the past 10 years, according to the National Retail Federation, with pandemic…
