Retailers could end up having a strong finish to 2020, despite all of the challenges that the coronavirus pandemic has dealt the industry, according to a new forecast that cites a strong stock market, rising home values and record personal savings rates as factors that could boost spending.
With spending on travel and entertainment largely sidelined, consumers have more money to spend on other items, the group said. “The outlook for the holiday season is very bright,” NRF President and CEO Matt Shay said during a call with members of the media. “We’ve seen consumers are very engaged [and] looking for opportunities to celebrate. ... We expect a strong finish to the season.”
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