Consumer Behavior
COVID variant may change consumer spend
December 6, 2021
The ongoing COVID-19 and omicron variant appearance may be changing how consumers are spending this holiday season.
Shoppers may be focused on goods rather than experiences, according to the National Retail Federation.
Yet the pandemic isn't prompting the industry group to change its initial holiday sales prediction of $843.4 billion and $859 billion in November and December, according to a CNBC report. If sales hit predictions, it will be an all-time high record.
"We know, unfortunately, that when the variants have had a real impact on the economy, the goods side of the economy has actually benefited from that because people change behavior away from the experience side of the economy and spend more time and more dollars engaged in the goods side of the economy," NRF CEO Matt Shay said on a media call last week, according to the news outlet.
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