Here's how the pandemic will damage holiday shopping:
US consumers' finances and planned holiday spending took a hit this year in the wake of the crisis. Twenty-nine percent of respondents reported that their household's financial situation was somewhat or a lot worse than it was last year, up from 20% in 2019. And 38% said they plan to spend less during the holidays, far more than the 22% who said the same in 2019.
Shoppers plan to limit their visits to stores now that the pandemic has made in-store shopping a potential health risk. More than half of respondents are anxious about shopping in-store over the holidays due to the crisis, leading 65% to prefer shopping online to avoid crowds. And consumers expect to visit just 5.2 stores on average over the holiday season, down from 7 in 2019, illustrating how the pandemic will cut into in-store foot traffic and sales during the holidays.
Ecommerce is set to surge over the holidays since in-store shopping is taking a step back, making order fulfillment a key part of retailers' efforts to compete for holiday sales. With consumers preferring to shop online instead of in stores, ecommerce sales will be more important to retailers' holiday performances than ever before. eMarketer retail ecommerce sales to make up 18.8% of US retail holiday sales and grow 35.8% YoY, a rapid acceleration from the segment's 15.4% YoY growth in 2019. And with nonecommerce US holiday retail sales expected to fall 4.
How are you paying for your HOLIDAY presents? I think paying in installments for HOLIDAY gifts might lead to increased debt bc of a lack of job security in the COVID19 world. HAPPY HOLIDAYS RegulateBNPL
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