Home Tags NRF
The impact of the pandemic on the nation’s economy will be a key factor in retail sales during the 2021 holiday season.
While ecommerce will remain important, households are also expected to shift back to in-store shopping and a more traditional holiday shopping experience.
This year, 90 percent of U.S. adults plan to celebrate the upcoming holidays, including Christmas, Hanukkah and Kwanzaa, up from 87 percent last year.
This comes despite supply chain disruptions and inflation according to the National Retail Federation.
Despite falling consumer confidence numbers amid a recent rise in COVID-19 infections, shoppers are continuing to spend.
The U.S. Census Bureau today said overall retail sales in August were up 0.7% seasonally adjusted from July and up 15.1% year-over-year.
Strong consumer spending over the past year has been boosted by government stimulus programs but will rely more on the labor market and job creation as the benefits of those efforts subside.
Organized retail crime and numerous other security concerns evolved in 2020, and most retailers attribute the increase in criminal activity to the pandemic.
Increased COVID-19 vaccinations also allowed consumers to shift some spending from goods to activities like going out to dinner and traveling.
The economy is shaping up well for both retailers and consumers alike.
12Page 1 of 2