According to a new study released today from business analyst eMarketer, total spending on the 2018 holiday season (specifically, November 1st to December 31st) will reach a monumental $1.002 trillion. Consumers are currently emboldened to spend thanks to a stabilizing economy, lower unemployment, and gradual income growth. This total spending marks a 6% uptick from last year’s total sales, and represents the strongest market growth the US economy has experienced since 2011.
Owners of brick-and-mortar retailers have been concerned about the upcoming holiday season due to the recent demise of big box stores like Toys “R” Us and Sears, as well as the seemingly endless success of online retailers like Amazon. However, though the e-commerce sector will of course flourish during this season, experts predict that brick-and-mortar stores will see at least a 4.4% uptick in in-store sales during the holiday season, which should round out to an $878.38 billion profit.
The big clincher, in several experts’ opinions, is what each retailer will do to drum up their holiday business. Amazon has already thrown down the gauntlet will free shipping for the entire season, but many retailers, big and small, have yet to respond with a definitive plan of action.