Economist professor Mickey Hepner thinks so despite global financial uncertainties tied to the COVID-19 pandemic. Some people have traveled less, spent less on hospitality, going out to eat, said Hepner, Dean of College of Business at Austin Peay State University. He said consumers are, more likely to buy gifts, presents and actually things instead of experiences this year.”
Generally, consumer spending Baby Yodas, mountain bikes, virtual reality headsets, and more is expected to increase year-over-year. According to the National Retail Federation, holiday sales will increase between 3.6 percent and 5.2 percent. Total spent is expected to be between $755 - $766 billion.
Businesses are hoping that Santa s reindeer can handle all that extra weight.