Lupine Skelly, Retail Research Leader at Deloitte, joins Phillip and Alicia to dissect the stark reality behind this year's holiday shopping forecast. Consumer spending is projected to drop by 10%, and economic pessimism has reached its highest level since the Great Recession. As a result, retailers are facing a season where communicating value is key. This conversation explores the enduring vitality of Black Friday, the quiet revolution of private label brands, and how cultural rituals, AI integration, and brand loyalty are being fundamentally rewired.