This year has been challenging for retail professionals, and the COVID-19 pandemic continues to influence how consumers spend their money for the holidays. Here’s what you need to know.
Fashion Merchandising & Retailing
In case you didn’t know, Coronavirus is widespread right now and is causing activities to cease worldwide. According to the Centers For Disease Control and Prevention (CDC), the current strain of coronavirus is infecting people in more than 15 countries, particularly in China and parts of Asia.
There’s a lovefest going on: the National Retail Federation (NRF) reports that the 55% of Americans who are planning on buying for their Valentine’s this year will be setting records: Consumers are expected to spend $196.31, up 21% over last year, reaching a record retail spending of 27.4 billion.
It's no secret that product quality and customer service are critical to success in retail and fashion. Store layout, however, can also have a huge impact on customer enthusiasm and retention. This is true not only of permanent locations, but also for pop-up marketing efforts, in which initial in-person impressions can play a significant role in both immediate and long-term sales.
Whether you are a fan of Christmas or you feel more like the Grinch, it cannot be denied that Christmas generates a lot of waste with all of the food, gifts, and decorations.
Some love it more than others but, for most, holiday shopping is inevitable. Black Friday has become a tradition for many shoppers who kickoff the season in the early-morning hours in hopes of snagging the best deals. But in recent years, Black Friday has become more of an opening act of shopping "holidays" to come rather than the momentous occasion it once was. Instead, it’s come to share the spotlight with some other retail holidays looking for their slice of post-Thanksgiving-feast pie.
Black Friday has become Black November.
The National Retail Federation (NRF) expects 164 million people to shop over the upcoming Thanksgiving holiday weekend. Before the end of October, 39% of consumers started their holiday shopping. The shopping chaos will only pick up this month as shoppers search for the best available deals.
Fashion trends come and go, but the way people prefer to invest in new clothing has largely remained the same over the past few decades—until just recently. Online shopping has brought a whole new element of convenience to the experience, of course, but that's just the beginning. Increasingly, young shoppers take pride in finding unique secondhand items in thrift stores and through various smartphone applications.
Halloween is coming, and so are the spooky shoppers.
For retailers—both brick-and-mortar and e-commerce—Halloween is an $8.8 billion holiday. However, this is not a record sales year for consumer spending, as some Americans are being cautious due to tariffs that were enacted this past month. The best year on record for Halloween spending was 2017, according to an article posted on The Balance, when more than $9 billion dollars was generated through spending.