Retailers face cautious holiday outlooks and subdued forecasts, with major retailers like Lowe's, Best Buy, and Kohl's cutting sales forecasts. Consumer spending is expected to slow to 3% to 4% in 2023, consistent with pre-pandemic rates. The holiday season is projected to be the slowest in five years, with a 1% to 3% growth compared to previous years. eCommerce sales have seen a 2.3% increase, but slowing growth and concerns about debt and inflation may impact consumer spending during the holiday season.

Cautious Holiday Outlook for Retailers