Retailers Hope Holiday Cheer Replaces Election Jeers
“Black Friday” at Macy’s department store at Tysons Corner Center in Tysons, VA
Photo credit: “Jermil“
Will this year’s holiday shopping season wilt in the shadow of the 2016 presidential campaign? From newspapers to television, media has been deluged with political advertisements that have displaced the typical holiday shopping promotions. Furthermore, 43% of consumers say they are being cautious with their spending due to the uncertainty of the election season, according to a recent National Retail Federation poll.
Despite this, retailers ought not to worry. Consumer sentiment has remained mostly stable since July 2015 and has been comfortably above the long term average during that time. With the election in the rearview mirror, retailers should still have plenty of time to time to make their pitch to shoppers – Deloitte’s 2016 Holiday Survey found that 77% of people expect to do the majority of their shopping after Thanksgiving.
The greater challenge for retailers will be innovating and adapting in coming years to stave off the growth of online spending. Shoppers anticipate spending just as much online as in stores in 2016, a first in the history of the Deloitte survey. Despite the rapid growth of pure e-commerce, customers appreciate retailers who are able to blend in-store and online experiences; 66% of shoppers plan to research items online and then go to a store to see it in person and purchase, and 43% plan to buy online and opt for in-store pick up rather than delivery.
Holiday shoppers at Bethesda Row in Bethesda, MD
Photo credit: Dan Reed
Retailers will certainly give thanks if the conversation this season shifts quickly to Black Friday from Election Tuesday. But if not, perhaps holiday spirit will spur even the most partisan to reach across the (store) aisle.
Holiday shoppers pack the parking lot at The Mall at Prince Georges in Hyattsville, MD
Photo credit: Elvert Barnes
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