Holiday Shopping could be slow this year. Ryan Morfin says there will be fewer dollars spent, but it's not fatal. Morfin, Financial Strategist, and Wentworth CEO, and says, "Covid is not going to cancel this holiday season. The average American household is projected to spend around $1,400 for the holidays. That's about 7% down from last year." Morfin says online shopping is up 35% from last year and will take over half of the holiday spending. Retailers are coming back with online purchasing and flexible delivery. "You're starting to see more and more retailers realize they've GOTTA have a digital go-to-market strategy to compete. From a consumer's standpoint, most of the best deals are going to be had on Cyber Monday instead of the traditional Black Friday."
Deloitte's 2019 holiday retail sales forecast is optimistic
Ryan Morfin says thanks to Covid, shoppers are divided into 2 groups this year. "Certain segments are doing very well, and certain segments of the economy, now that we're gong through this second wave of shut downs, are going to have a very pessimistic outlook." Morfin goes on to say American households will spend an average of 14 hundred dollars this season, which is down from last year. Online shopping is projected to take in 35% more than it did last year so your community will receive fewer sales tax dollars. Local retailers are fighting back, though with new and improved online strategies. As with all things 2020 - this will be a shopping season like none before.