In a tumultuous time in our economy, are Black Friday and Cyber Monday coming too soon? According to Donald Liebenson of Millionaire Corner, the holiday shopping season can represent up to 40 percent of sales for retailers. Consumer spending comprises 70 percent of the economy, but with consumer confidence being tainted over the economy in recent years, it may have a devastating domino effect on how retailers perform this holiday season.
In a nutshell, retailers are hoping for a holiday shopping miracle this year. Here are some early predictions,according to Liebenson, about how retailers anticipate they will sustain and perform this holiday season.
- 75 percent of retailers forecast an increase in holiday shopping this year.
- 57 percent of retailers plan to hire the same amount of season workers as last year, and 36 percent of retailers say they will be hiring, up to 10 percent from last year.
- Retailers report that 74 percent of their seasonal hires will be placed in stores and 12 percent in distribution centers.
- Almost, one-third of retailers will start their holiday promotions and inventory strategies early this year.
- 58 percent will wait until November to start their holiday promotions, while almost half report they will launch their promotions, as early as October.
Surprisingly, a majority of retailers have a superior attitude towards online competition. According to Liebenson, only 18 percent feel pressure to match online-only prices, while 50 percent of retailers report they are looking to cut back on discounting overall, and 8 percent will staff stores to be open 24 hours on shopping days throughout the holiday season. On the other hand, Brick and Mortar chains like Toys R US and Walmart are in full online competition mode. With Toys R Us and Walmart expanding their layaway programs recently, they are ready to take on competition in full force.
How do you predict retailers will do this holiday season? We would love to hear your opinions. Comment Below!
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Krystal is a Southern Illinois University Alum. When she's not blogging about how to find best Black Friday deals, you can find her looking for the latest fashion deals. Her obsessions consist of shoes/handbags, chocolate, and trying new restaurants around Chicago.
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