Retail Sales Barely Budge Ahead Of Critical Holiday Season

Enlarge this image

People wait in line outside for their turn to enter the JD Sports store in New York City on Nov. 5.

Daniel Slim/AFP via Getty Images


hide caption

toggle caption

Daniel Slim/AFP via Getty Images

Loading…

For the first time in decades, the National Retail Federation has delayed its holiday forecast. The group’s October survey suggested shoppers would spend about $50 less this year compared to last year. The biggest change was people saying they would spend less on things beyond gifts, cutting back on that extra shopping they might typically do during holiday sales.

Two leading forecasts have predicted holiday sales to grow between 1% and 2% this year, compared to 4% gains in each of the past two years. Some shoppers have told surveys they’re ready to spend the money they’ve saved up from not doing much during the shutdowns. But many others say they plan to avoid gatherings and to tighten their financial belts.

As of late October, more than 21 million people were collecting some form of unemployment relief, with more than half relying on emergency pandemic programs that were set to expire at the end of December.

Online and big-box stores selling food and household basics have been the retail winners of the pandemic, raking in profits and going on hiring sprees. Walmart on Tuesday reported its online sales jumped 79% in the latest quarter, continuing the strong growth of previous months. The retail giant said shoppers continued to make fewer purchases, but spent more on each one.

Walmart’s key rival Amazon Amazon last month reported yet another record-setting quarter, with sales topping $96 billion. Bezos, in a statement, cited «more customers than ever shopping early for their holiday gifts.»

  • Retail
  • retail sales

admin

Добавить комментарий