38% percent of US consumers are planning to spend less money this holiday season, according to Deloitte’s annual holiday retail survey. However, food and beverage ranks as the No. 3 most popular category for spending with 65% of shoppers indicating they will spend on the category.
“For retailers, it will be a season of uncertainty, but as we have seen in previous eras, disruption often leads to innovation and opportunity. In 35 years of analysis, perhaps the most resounding takeaway is that both consumers and the retail industry are resilient,” writes Deloitte.
Source: 2020 Deloitte Holiday Retail Survey, November 2020