SPACs RAISE RECORD $65.7 BILLION –
Retailers can’t count on Santa
SHARP DOWNTURN IN HOLIDAY SPENDING PREDICTED
The annual holiday spending survey conducted by pollster Gallup shows that Americans will be spending an average of $805 on Christmas gifts this year, well below last year’s estimate of $942.
The survey, conducted in October, is bad news for retailers, already battered by COVID-restricted shutdowns. Gallup also reports that more than twice as many people polled (28%) say they are spending less this year, versus those who will be spending more (12%). This is the lowest October holiday spending projection that Gallup has measured since 2016.
When comparing retail sales for prior years, Gallup notes that “holiday sales typically increase year-over-year, rising 3.3% on average since 2000, with sales up more than 5% in strong years and around 2% in weak years, according to figures compiled by the National Retail Federation. Since 2000, holiday sales have only been worse in 2008 and 2009, the result of the global financial crisis.
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