Deloitte, one of the world's top four accounting firms, forecasts similar growth.
"The projected holiday season growth is, in part, due to the current health of the labor market,” said Daniel Bachman, Deloitte's U.S. economic forecaster. “Near record-low unemployment rates, coupled with continued monthly job creation, may encourage people to spend more during the holiday season. The economy is still growing, albeit at a slower rate. Additionally, we continue to see consumer confidence elevated, which also helps boost holiday spending."
For most Delaware Valley retailers, holiday spending brings in about 20% of annual sales But, long gone are the days when the bulk of this shopping occurred between Black Friday and Christmas.