NRF Releases 2020 Holiday Season Predictions

NRF Releases 2020 Holiday Season Predictions

(HorizonPost.com) – Shopping for the 2020 holiday season, like so much else this year, is likely to be “unprecedented.” This has forecasters looking very deep into their crystal balls — or maybe even switching over to reading tea leaves — hoping to get a read on what’s going to happen.

Total Spending

The National Retail Federation (NRF) has released their analysis, and it’s not grim like one may have suspected, with the havoc the coronavirus pandemic has wreaked on the country. The report says the average consumer plans to spend approximately $1000 on holiday purchases, which equates to a decrease of only $50 over last year.

When looking at expenditures on gifts alone, that number shrinks to only about $8 per person, making it roughly equivalent to 2019. This is good news for retailers that typically see the majority of their income generated at this time of the year.

Online vs. In-Person

Brick-and-mortar stores have already taken a major blow this year with all the lockdown orders and people simply wanting to minimize exposure to the virus. This has led to speculation that the biggest spending days will be, in order:

  • Amazon Prime Days (which were October 12 and 13, 2020)
  • Cyber Monday (November 30, 2020)
  • Black Friday (November 27, 2020)

It’s unlikely anyone will see the mob scenes at retail stores that were so prevalent on the news in recent years. In fact, many of them have decided to forego the “doorbuster deal” promotions and have turned to their own Internet shopping platforms.

Experts are warning that planning and buying ahead of time are vital to avoid seeing products on backorder and the potential for delays in shipping due to the volume expected. Buying gifts for loved ones doesn’t have to be set aside this year, it just needs to be handled differently.

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