The holiday shopping season is off to a slower start this year, indicating a return to normalcy in the economy. While the pandemic has had a noticeable impact on the timing of holiday shopping, U.S. retail sales falling for the first time since March suggests that we are still dealing with its aftermath.
According to Senior Economist Robert Spendlove, this shift in the timing of holiday shopping is reflective of the economy still being affected by the pandemic. He draws a comparison between the pandemic and a rock being thrown into a lake- with the ripple effects of the impact still being felt. Despite months-early holiday shopping being more common during the height of the pandemic, Spending believes that this year’s return to a more traditional timeline is a good sign. With the economy cooling down and hopefully soon returning to normal, it is predicted that shopping will pick back up after Thanksgiving.
Overall, improvements are being observed in employment data, inflation, and retail spending, but everyone hopes for a true sense of economic normalcy on the horizon. While we may have moved past some aspects of