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It’s beginning to look a lot like a post-COVID Christmas for retailers | Business – Tucson, Arizona

Tucson, Arizona 2021-11-29 08:50:00 –

Washington – During the second holiday season of the pandemic era, commodity prices can be high, but Americans can spend more money – and they seem to want to spend it.

According to one recent estimate, the holiday shopping season is already in full swing in Arizona, and residents are expected to spend $ 590 to $ 1,558 on shopping.

Black Friday continues to be popular, but experts say many shoppers started opening their wallets a few months ago. The National Retail Federation’s Catherine Karen said the Thanksgiving weekend rush was “not a kick-off for the old season.”

Karen, Senior Director of Industry and Consumer Insights at NRF, said: “But that’s what consumers really enjoy as part of the Thanksgiving tradition.”

Hitendra Chaturvedi said this is an acceleration of the trends seen on previous vacations.

Chaturvedi, a professor of supply chain management at WP Carry Business School at Arizona State University, said:

“85% of the US population would have been shopping for holidays by Cyber ​​Monday,” he said.

NRF’s annual November Holiday guests According to a survey, more than 158 million people shop on Thanksgiving weekends, and 108 million people shop on Black Friday alone. However, 61% of those who “have already started holiday shopping” said they were 10 percentage points higher than those in 2011, a slight increase from 59% last year.

This holiday season has come a year after the government has paid for pandemic stimuli and the employment market has steadily improved, and many Americans have a lot of cash on hand.

Chaturvedi also works as an analyst for WalletHub, a Washington, DC-based personal finance site. Last week, it was reported that Arizonas could spend as much as $ 1,558 per person on gifts for this holiday season.

WalletHub 570 city list Examine income, age, debt, spending, and savings to generate an estimate of per capita holiday spending per city. Of the 15 cities in Arizona on the list, Gilbert was at the top, with an estimated spending of $ 1,558 for this vacation. Residents of Tucson are expected to spend an estimated $ 590, the lowest in the state.

Gilbert was 73rd, Tucson was 532 on WalletHub’s national list, and the median city vacation budget was $ 889.

NS Gallup Report What was released this week came to almost the same conclusion, predicting that Americans plan to spend an average of $ 886 on this year’s holiday gifts, up from $ 852 last year.

Despite supply chain issues that could disrupt holiday shopping, the Tucson Chamber of Commerce’s interim president and CEO said retailers there are okay for now.

CEO Michael Guymon said the supply chain problems Tucson is facing have nothing to do with home consumers and are as large as “a construction company trying to build a home to meet market demand.” He said it had something to do with the business.

“It’s not as bad as the retail industry,” he said, as supply chain complexity “isn’t as bad as it is in the retail industry,” but retailers “think about ways to pivot products online” throughout the holiday season. He added that he had to help.

“Online sales have been on the rise over the last five years,” he said, but even more so in “the last few months of the pandemic.”

This is also reflected in Gallup’s report, Lydia Third said, “Pandemic, although some of the recent increase in e-commerce may be a natural extension of the long-term increase in online shopping.”

E-commerce sales According to the Census Bureau, the total for the third quarter of 2021 was $ 214 billion, about 13% of total retail sales for the quarter.

Most of the online business is directed to chain stores such as Wal-Mart, Target and The Home Depot, according to Chatulvedi. He said the impact of the pandemic on the economy was “industry-agnostic, but scale-agnostic.”

“Small businesses were hit harder, but larger businesses had deeper pockets when they were first hit, so they figured out ways to mitigate risk,” he said. Told.

“The coronavirus has become a nice little shield for the big companies they killed their competitors,” he said.

Despite the surge in online sales, Karen remains a traditional Black Friday shopping location as a social activity with family and friends, and as a way to win in-store transactions that are still very popular at this event. Said that.

Chaturvedi’s “greatest attraction” is to help consumers mitigate some of the effects of a pandemic by buying fewer gift items and spending more on the local business experience. He also said it would help reduce supply chain problems.

“We can make promises to ourselves, we’re not going to save,” said Chaturvedi. “The moment you stock up and think about yourself, supply is further constrained and prices rise. This is a classic example of supply and demand.”

It’s beginning to look a lot like a post-COVID Christmas for retailers | Business Source link It’s beginning to look a lot like a post-COVID Christmas for retailers | Business

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