“It looks like consumer spending is increasingly turning into a headwind for this recovery from the worst economic downturn since the Great Depression."
Retail sales topped over $850 billion this holiday season as shoppers were encouraged by a robust economy and early discounts.
The retailer posted a 2.1% same-store sales decline, and lowered earnings guidance, as it continues to struggle with the shift to online shopping.
A majority of consumers surveyed say they are likely to spend more and sooner on holiday shopping than in 2015.
Deloitte expects stagnant wages to slow sales growth but sees no marked impact from stock market volatility.
The holiday shopping season will bring only modest sales growth for retailers, but those with low expectations may profit.
