(unitymarketingonline.com) - By this time each year, the National Retail Federation (NRF) would be out with its holiday retail forecast. But 2020 has been a year like no other, so NRF begged off making their prediction until November. Comparing the forecasting process to completing a jigsaw puzzle with some of the pieces missing, NRF’s chief economist Jack Kleinhenz said in a statement: “We are waiting for new data and are still assembling puzzle pieces for the 2020 holiday season. The test is whether consumer spending will be sustained amid wildcard puzzle pieces including policy surprises, the election and a resurgent virus.” While many macroeconomic factors, like unemployment, wage growth and savings rates, go into economists’ models, consumer sentiment is the north star for revealing how retail will fare this holiday season. And that doesn’t look promising.
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