Though sales are recovering during the COVID-19 pandemic, retailers are urging Congress to approve another stimulus package to prevent the economy from stalling. Congress was unable to agree on a financial aid package before Tuesday’s election.
In the National Retail Federation’s latest monthly economic review, it reports:
- Retail sales are up 8.6% since January, right before the pandemic began spreading across the U.S.
- Thanks to spending on household goods, consumer spending has improved from being down 16.1% year-over-year in April to being down 1.9% in August, according to the U.S. Commerce Department.
- Consumers have been saving money that is available for holiday shopping. Disposable personal income was up 5.4% in August and the savings rate of 14.4% has remained in double digits for six straight months.
NRF is expected to release its annual holiday spending forecast soon. Consumers it has surveyed say they plan to spend an average $997.79 this holiday season, down about $50 from last year.