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.
Chances are, your shopping habits have changed during the COVID-19 Pandemic - and you're not alone if you're doing most of it online these days.
Among non-store retailers, year-to-date sales have increased 22.1%. Take Amazon for instance. In its 2nd quarter (April-June 2020), sales were up 40% compared to the same quarter in 2019.
When talking about "Your Money" on Monday, September 21st, 2020, GMQC Financial Expert Mark Grywacheski from the Quad Cities Investment Group said that's not the only significant trend in retail caused by this coronavirus:
"We continue to see a surge in goods related to outdoor activities and home/garden projects," he explained on Good Morning Quad Cities. "People are finding new ways to occupy their time in a contact-free post-COVID-19 environment."
"We're also seeing a major shift towards physical goods - which can be ordered online - and away from the service industries that still require an extensive amount of human-to-human contact," he continued.
This "transformational" shift towards technology, as Mark called it, is good news for some industries, but not for others. In the latest monthly report from the U.S. Department of Commerce, retail sales increased by 0.6% and totaled $538 Billion, which is a new record high for sales in a single month.
However, other service industries like airlines hotels, entertainment and businesses where people tend to congregate are not doing so well:
"[These industries] will remain under tremendous strain until some type of vaccine is discovered," he said. "There’s a number of pharmaceutical companies with vaccines in various stages of testing, but we continue to hear conflicting reports on when one might become available - from a few months to sometime next year."