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.
The holiday shopping season is in full swing and we're already getting an idea on how it's going so far for retailers and shoppers.
There's been a lot of talk about how the COVID-19 Pandemic would impact spending. Over the five-day Thanksgiving weekend, in-store and online sales combined were down 14%. However, GMQC Financial Expert, Mark Grywacheski from the Quad Cities Investment Group, says you have to look beyond the numbers in 2020:
"You might think this will be a disappointing year for the retail industry, but remember, one of the key themes this holiday season was that consumers would start their holiday shopping much earlier to avoid the typical holiday crowd and 52% of consumers surveyed started their shopping season earlier," he explained. "So, in light of the fact that consumer purchases will be much more spread out over the entirety of the holiday shopping season, this 5-day shopping weekend was actually quite strong."
He adds that online sales alone were 20% higher than last year, especially when you factor in Cyber Monday 2020:
"On Cyber Monday - which is the Monday after Thanksgiving retailers use to promote online shopping - online sales were $10.8B, which set a record for the single largest online shopping day in US history," Grywacheski said.
He expects the rest of the holiday shopping season to be strong and even break a record, because we had five consecutive months of record retail sales leading up to the end of the year.