Americans Spend More This Holiday To Compensate
Americans are determined to end 2020 on a positive note. According to money.yahoo.com, they are hoping that gift giving could be the answer to ending the year on a positive note. An online survey by RetailMeNot found that even after the COVID pandemic two thirds of Americans plan on spending the same amount of money, if not more during the holidays.
Spending nationally is expected to increase from around 4-5%. National Retail Federation Chief Economist Jack Klenhenz said in a press conference that there’s “a psychological factor that [we] owe it to [ourselves] and families to have a better-than-normal holiday.”
According to Sara Skirboll, who is a shopping and trends expert, there will be two different types of shoppers this year. One remained employed all year and will spend their money on high end gifts. They have more money this year due to restrictions preventing them from going on vacations, going out to eat, and entertainment events being postponed. Then there is the other kind of shopper who has been out of work all year. They will focus on their children and immediate family. Their gifts will include essentials and they may open new credit cards in an attempt to compensate.
