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DID 2020 REALLY GO UP IN SMOKE?

  • Dealernews
  • Apr 20, 2021

 

Actually, the National Retail Federation (NRF) says holiday sales were high and 2020 closed with a buzz. “Retail sales during the 2020’s November/December holiday season grew to an unexpectedly high 8.3% over the same period in 2019 to $789.4 billion, exceeding NRF holiday forecast despite the economic challenges of the Coronavirus pandemic,” NRF said. The numbers include online and other non-stores sales, which were up 23.9% at $209 billion. For the powersports industry it seems like this high has continued through Q1, despite increasing inventory issues on both the OEM and aftermarket side. 

“Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” explains NRF President and CEO Matthew Shay. “Faced with the rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year.” NORML is the new norm? 

NRF Chief Economist Jack Kleinhenz adds consumers shifted into high gear in December, giving the holiday season a strong finish. The 8.3% holiday season increase was more than double the 3.5% average holiday increase over the previous five years, including 2019’s 4% gain.

“There was a massive boost to most consumer wallets this past holiday season,” Kleinhenz claims. “Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out or attending entertainment events. Some families are still struggling, as are some retail sectors, but the promise of a new round of stimulus checks after a deal was struck before Christmas helped increase consumer confidence. Consumers were also encouraged by the news of COVID-19 vaccines becoming available, which helped offset concerns about increased infection rates and state restrictions on activity.”

 

 

 

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