On today’s Business Beat, Jeff shares holiday spending predictions.
Tune in to the Business Beat, below, to learn about the Adobe forecast prediction that sales will top $910 billion this year, including $207 billion in the U.S.:
Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.
Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!
Good morning, Paul! Now that Halloween is behind us, the focus turns to shopping, holiday gift shopping to be specific, and a new Adobe forecast portends good news for retailers as this forecast predicts that the global holiday spend will top $910 billion this year. In the U.S., holiday spending is forecast to hit $207 billion this year. Now if sales in the U.S. do hit the $207-billion mark, that would be a welcome 10% increase in spending over last year. The biggest shopping event of the season is expected to be cyber week. That is the period between Thanksgiving and Cyber Monday, during which spending is predicted to reach about $36 billion and make up about 17% of the overall holiday spend here in the U.S. The single biggest shopping day of the year is expected to be Cyber Monday. And on that single day, it’s predicted to bring in about $11 billion in total sales. The next biggest single day? Well, it’s Black Friday with sales expected to ring in at about $9.5 billion. Other interesting findings from the report: Well, discounts will range this year between 5% and 25%. Now last year they raised between 10% and 30%, so a slight decrease in expected discounting. And trends? Well, buy now pay later that usage is expected to increase about 10% this year and buy online pick up in store. That’s a hot one with consumers, opting to buy online and pick up curbside. During the final week of shopping, about 65% of orders are expected to be done just that way. So there you have it, Paul. Things are looking good for this holiday season, in spite of inflation driving rising prices, as well as supply shortages, causing concern about items selling out fast. Well, even in spite of that, shoppers will be enjoying the sounds of the season with those Christmas bells ringing, while retailers large and small should be enjoying the sounds of those cash registers ringing just as it should be. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.