Investing.com – Retail holiday sales in the U.S. were expected to surge above $1 trillion, according to a report released Thursday from Deloitte.
The annual retail holiday sales report forecast a 4% to 4.5% jump during the November to January period to reach $1.04 trillion to $1.05 trillion.
At the same time, Deloitte estimated that online sales would jump between 18% and 21% to $111 billion to $114 billion in the 2017 holiday season.
Deloitte's senior U.S. economist Daniel Bachman explained that the projected uptick was due to four primary factors including strong personal income growth, elevated levels of consumer confidence, a solid labor market and a low level of the personal savings rate.
Deloitte’s projection tops the 3.8% growth estimated by RetailNext and the 3.5% to 4.4% range forecast by AlixPartners.