Election Day Causing Slowdown in Holiday Shopping
Election Day is putting holiday shopping in a holding pattern as consumers wait to see whether Hillary Clinton or Donald Trump will become the next president. A National Retail Federation survey found that 43 percent of respondents said the uncertainty was prompting them to be more cautious with their spending. However, according to the same survey, 87 percent of consumers could be convinced to spend an extra $25 this holiday season if tempted by a good sale or promotion, the perfect gift for themselves or others, or free shipping.
Total Retail's Take: As happens every Election Day (and even more so every four years when a new president is elected), political advertisements take up ad space that retailers typically use to get holiday shopping on the minds of consumers. However, once the election is over, consumers will likely start spending. And as they do every year, consumers will be looking forward to taking advantage of promotions and deals. Retailers should be ready.