Dec. 14, 2023 11:06 am ET
It came with ribbons. It came with tags. It came with packages, boxes or bags. Somehow or other the holiday shopping season came just the same.
The Commerce Department on Thursday reported that retail sales rose a seasonally adjusted 0.3% in November from October. Even factoring in some downward revision to previous sales data, this was better than the decline of 0.1% economists polled by The Wall Street Journal were looking for. It is just the latest indication that, despite the downbeat attitudes Americans profess in polls, a strong job market and continued reserves of savings built up early in the pandemic are giving them the wherewithal to keep shopping.
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With the coronavirus pandemic having dominated the news since early 2020, many people were uncertain if Americans would spend money on the winter holidays at all. Recent reports indicate that people don’t appear to be shying away from spending this holiday season.
Survey results from Deloitte, one of the biggest accounting firms in the world, show that American shoppers plan to spend an average of $967 on holiday gifts and decorations this year. This is a 16% increase from last year’s $832, despite the economic hardship caused by the pandemic.
Although the virus has kept many from buyin in stores this year, ecommerce spending has spiked in its place. In a survey conducted by the National Retail Federation, 57% of holiday shoppers indicated they intended to do at least half of their shopping online. To accommodate the increased demand, many stores have invested in online ordering and curbside pickup services.
When asked about their holiday spending plans, almost one-third of Deloitte’s survey participants said they are shopping less because of the pandemic. However, the majority of respondents indicated that they plan to use this year’s holiday season as an opportunity to show appreciation for their loved ones.
Many stores are offering a wide array of holiday promotions and sales to entice shoppers who are concerned about their budgets. In fact, most stores now run Black Friday-type sales throughout the month of December, giving shoppers many chances to pick up great deals without the early morning rush.
It seems that the winter holidays are still a time of joy and celebration, despite the difficult year so many have faced. Making the most of this time with family and friends is the perfect way to round out 2020.
