What Does Holiday 2020 Have in Store?
Nation Retail Federation | August 27, 2020
Will the dip in the economy cause wallet tightening and subsequently, smaller holiday festivities? Or, as Brian Cornell of Target suggested, will factors such as canceled vacations and fewer restaurant excursions mean more money for gifts this year?
In 2019, holiday sales were up 4.1 percent with consumers planning to spend a total of $1,048 on average for items such as decorations, candy and gifts as well as other purchases for themselves and their families. The most requested gifts in the past few years include gift cards, clothing, books and other media.
Last year, 56 percent of consumers reported they would make their holiday purchases online; of those, 48 percent planned to use buy online, pick up in store. With the increase in online purchasing and BOPIS as a result of the pandemic, it would be unsurprising to see these numbers much higher this year.