With 2020 inching toward an end, all eyes are on the most crucial part of the year for retailers — the holiday season. But this time around, retailers are bracing for an unusual festive season, thanks to the coronavirus pandemic. There are fears about how comfortable consumers will be in terms of purchasing at a time fraught with high unemployment and lower disposable income. Well, if consumers choose to tighten purse strings, retailers have to tough it out this shopping season.
Nonetheless, Daniel Bachman, Deloitte’s U.S. economic forecaster, said, “While high unemployment and economic anxiety will weigh on overall retail sales this holiday season, reduced spending on pandemic-sensitive services such as restaurants and travel may help bolster retail holiday sales somewhat.” According to a report from CNBC, Deloitte envisions holiday sales between $1.147 trillion and $1.152 trillion, which suggests an increase of 1-1.5% during the November-January period.
Let’s see how