Holiday retail sales in 2018 are set to grow by between 5 and 5.6 percent over last year's sales, according to a report released by Deloitte on Wednesday and cited by CNBC. Sales could reach $1.1 trillion, the corporate consulting firm says.

"We think most retailers will have a good holiday season if they have a distinctive value proposition," said Rod Sides, vice chairman of Deloitte's U.S. retail and distribution practice, as reported by CNBC. "We think off-price will continue to do well, and there will be a rebound in luxury."

Deloitte attributes this projected sales growth in part to low unemployment and strong consumer confidence.

Off-price retailers such as Marshalls, Ross Stores and T.J.Maxx are likely to do particularly well, Deloitte predicts. A recent ICSC report reveals that discount stores enjoy universal popularity among men and women and across all age groups. But Sides says luxury retailers will probably do well also.

Though e-commerce holiday sales are anticipated to rise by as much as 22 percent — hitting perhaps $134 billion, up from last year’s $110 billion — a significant amount of this will be generated by physical retailers that also operate online. Notably, customers are increasingly ordering merchandise online and then picking up at stores, the report notes.