Target, Walmart and other retailers hope to propel strong holiday shopping into December, despite a wave of early purchases and fears over the omicron variant.
blasted holiday deals and Black Friday-style promotions as early as October. Consumers had other motivators this holiday season to buy gifts early, too. Instead of chasing deep discounts or nabbing the hot, must-have gift, many had fears of not finding anything worth buying because of supply chain woes. For months, shoppers heard about temporarily shuttered factories, congested ports and a shortage of truck drivers.
NRF CEO Matt Shay said early shopping has shaken up the role of peak sales days. Consumers started buying gifts, decor and more in October a year ago to avoid crowds. This year, supply chain concerns pushed up that timetable once again. Steve Sadove, former chairman and CEO of Saks and a current senior advisor for Mastercard, said he expects a strong season for the retail industry. He points to pent-up demand among consumers who have higher levels of savings.
"Clearly, it's been a spread out season," he said. "Retailers started their promotions early. Black Friday wasn't about just that day."To hit high expectations, retailers will have to overcome fears of the new strain of the coronavirus, nudge shoppers to buy despite scarce deals and fight off a potential December lull.Some shoppers have run into unavailable items.
And even as public health officials and consumers learn more about the variant, he said "there's no need to panic." He said the backdrop looks very different this holiday season, thanks to the majority of Americans being fully vaccinated.
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