When it comes to YOUR MONEY, we take it a step further. That's why Mark Grywacheski appears on Good Morning Quad Cities every Monday to give us his analysis of the latest business, economic, and financial news.
It's time to start bargain hunting.
The official start of the holiday shopping season started last week - the day after Halloween - and the big question is... How will it be different this year due to the COVID-19 Pandemic?
The stage is set for strong sales. As we've reported before, monthly retail sales have set all-time record highs for four consecutive months. On top of that, in the 3rd quarter (July, August, September), consumer spending increased 33% - the largest quarterly gain in history.
On Monday, November 9th, 2020, Good Morning Quad Cities' Financial Expert Mark Grywacheski said that has the retail industry "cautiously optimistic" about the next couple months. However, the Investment Advisor from the Quad Cities Investment Group said some things need to change to get you to buy, buy, buy:
"We are seeing a lot of retailers already offering their discounts that are typically reserved for the post-Thanksgiving Black Friday promotions," he explained. "We're also seeing retailers make available those discounts usually given to in-store shoppers now also being given to their online customers. Retailers realize that consumer spending is strong right now. They want to lock-in as much sales early in the season than risk consumer spending trailing off in the next 1-2 months."
Grywacheski added that online shopping is expected to be the #1 source of shopping for consumers this holiday season.