Holiday shopping is where
businesses capitalize on profit. Even Scrooge would be envious of the amount of
money big conglomerates rake in. “I still believe in the Holy Trinity, except
now it's Target, Trader Joe's, and IKEA,” said Jen Lancaster. This year, U.S.
retail sales are expected to increase 3.6% over the months of November and
December.1 Store can accumulate a total of $655.8 billion in
sales. After so much talk about interest rates and economic stagnation, people
are still spending.
The increased shopping has retailers
forecasted to hire between 640,000 to 690,000 seasonal workers this year.1 In 2015, retailers employed 675,300 people for the holidays.
U.S.
online sales are projected to grow between 7% and 10% this year to $117
billion. Online shopping has contributed in the seasonal shopping adding to
multiple outlets to shop and a variety of products to purchase. Options are now
global as well as open 24/7.
Overall global cross-border online
sales are expected to hit $1 trillion in 2020.1 In 2014, total sales
were $230 billion, which means cross-border retail purchasing could more than
quadruple.
Online
shopping is the main driver of growth in European (and British) and North
American retailing. The Internet is helping propel economies to vast
heights. Consumers are now more than just domestic, but international. The global
online retailer industry is helping shipping industries like Amazon and Alibaba
accumulate a lot of wealth.
The
holidays continue to bring people together, and across retail, travel and food.
While customers consume various products, firms fill their pockets with lots
and lots of money.
The internet definitely has changed up the retail game during the holidays, as it allows the expansion of the consumer base for producers from domestic to more international, with easier access for consumers to purchase goods from all over the globe.
ReplyDeleteAfter hearing Dr. LaFayette speak at the economic outlook conference, it is interesting to consider how the emerging online retail market is affecting central Columbus. Especially since non-store retail has been been the "problem child" for Columbus.
ReplyDeleteIt will be interesting to see the effect Donald Trumps election will have to the way Americans will spend during these elections. If the number is higher than last year, it probably means that people are feeling euphoric for the arrival of the new president.
ReplyDelete