Holiday Spending Already Soaring Amid Pandemic

Posted by Tom Kool

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f Joe Biden is elected, “Carson City will become a ghost town and the Christmas season will be canceled,” U.S. President Donald Trump said earlier this month at a rally, but new retail sales figures and holiday spending estimates tell a different story.

There are obvious flaws in the president’s proclamation, starting with the fact that  if elected, Biden would not take office until January 20th, well after the Christmas season and more feasibly into the “gift return” season.

But the biggest flaw was this: It seems that nothing and no one can ruin the holiday season for Americans. Not a pandemic, millions of lost jobs, bankruptcies, a struggling economy, social distancing or even a lockdown can crack the holiday spirit. Or more importantly, it can’t ruin holiday spending, which is already breaking new records.

As retailers encourage customers to shift to online shopping in order to avoid crowds during the pandemic, online sales are set to reach $189 billion this holiday shopping season.

According to Adobe Analytics, that is an increase of 33% from last year’s holiday spending.

Black Friday online sales are set to reach ?$10 billion, up 39% from 2019, while Cyber Monday will hit  $12.7 billion, an increase of 35%, the report found.

“This year is unlike any in the past, and for the first time we are no longer referring to peak holiday sales as Cyber Week — it’s now Cyber Month,” the analysis said.

They also estimate that a fresh stimulus package from the government would increase the holiday online sales by another $11 billion.

With cases of COVID-19 rising across the country, medical experts have warned that coronavirus cases could spike if people travel out of town and celebrate indoors….CLICK for complete article