The holiday shopping season is often seen as the peak of consumer spending and retail activity, but this year appears to be off to a slow start. With the coronavirus pandemic still ongoing and the national economy still facing significant uncertainty, many shoppers are holding back on their spending.
With more retailers opting to close their stores for Thanksgiving, the start of the holiday shopping season will be pushed back a bit further. Consequently, stores may not reach the same level of activity as seen in past years. According to a survey from the National Retail Federation, only 50 percent of Americans said they plan to start their holiday shopping prior to the Thanksgiving holiday this year.
While it’s unclear whether the holiday shopping season will be able to pick up steam as the year progresses, there are some promising signs. Many consumers are choosing to shop online this year due to safety concerns and the convenience of shopping from home. With fewer shoppers visiting brick-and-mortar stores, online retailers can expect to see a surge in activity this holiday season.
Some retailers have been able to capitalize on the shift to online shopping by launching their own online storefronts and providing contactless delivery options. This has enabled them to reach a larger customer base and increase their sales potential. Additionally, many shoppers are looking for deep discounts and sales items on Cyber Monday and Black Friday, which could help give holiday sales an additional boost.
The overall trajectory of the holiday shopping season remains to be seen. But with the right approach, retailers can still make the most of the current market conditions and have a successful holiday season. With more shoppers favoring online shopping options, having a strong presence online could be key to achieving success. In addition, those who are able to provide discounts and sales items to their customers may be able to find success as well.
Although the COVID-19 pandemic has caused disruptions to the holiday shopping season, it has also opened up new opportunities as well. Retailers who can take advantage of these opportunities may be able to make the best of an uncertain year and have a successful holiday shopping season.
