Merchandising

Pandemic didn't deter holiday sales

Photo by istock.com

January 19, 2021

The retail holiday sales in late 2020 hit an unexpected high point given a 8.3% spike compared to the previous year, according to the National Retail Federation.

The healthy boost came amidst a resurgence of the COVID-19 pandemic and surpassed the NRF's sales prediction, according to a press release.

"Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season," NRF President and CEO Matthew Shay said in the release. "Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden's stimulus proposal, with direct payments to families and individuals, further aid for small businesses and tools to keep businesses open, will keep the economy growing."

NRF Chief Economist Jack Kleinhenz said the holiday sales strong finish may be a good sign for the continuing recovery of the economy in 2021. The 8.3% holiday season increase was more than double the 3.5% average holiday increase over the previous five years, including 2019's 4% gain.