"Although inflation shows signs of moderating, consumers have come to expect higher prices and are adjusting their holiday spending accordingly. We expect to see shoppers make their lists and check them twice for deals, but a return to pre-pandemic spending levels shows promise for the season overall.”

Nick Handrinos, vice chairman, Deloitte LLP, and U.S. retail, wholesale and distribution and consumer products leader, commenting on findings from Deloitte's 38th annual Holiday Retail Survey.