3 Strategies That Could Save the 2020 Holiday Season

In November 2019, my company, Intelligence Node, asked consumers if they were planning to cut back on spending during the upcoming holiday season, in part due to tariff and recession fears. While almost half (49 percent) said they were, holiday sales actually grew by 3.4 percent due to a century-low unemployment rate and a sharp increase in online shopping. But this holiday season will see a 180-degree turn as we experience an all-time high unemployment rate. Fast-forward to the summer of 2020 and data shows that consumers are planning to spend less on holiday shopping this season than they did last year. While the threat might sound similar on the surface, it’s very different. This year, it’s no longer hypothetical. Rather than fear of a recession, we are in a recession. Rather than tit-for-tat trade tariffs on certain consumer products, the U.S. is in an all-out trade war with China that continues to escalate. Not to mention, millions of Americans are feeling the pain of unemployment and are unsure where their next paycheck will come from — all factors that are due to the long-lasting impacts of the coronavirus. Consumers Are More Cautious Than Ever We’ll see the consequences of COVID-19 on consumer spending patterns

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