Consumer spending, which has stayed resilient despite headwinds from a lack of additional fiscal stimulus and a labor market decimated by COVID-19, is showing promise ahead of the holiday season. On Friday, data showed that retail sales rose 1.9% in the month of September, climbing for a fifth month in a row — even as personal income dropped and consumers are saving money at historically high levels, with anxiety about the coronavirus recovery running high. Meanwhile, apparel sales are suffering as many professionals work remotely. However, the former CEO of Toys R Us and Hudson’s Bay told Yahoo Finance that the current environment actually spells great news for the Thanksgiving to Christmas shopping sprint.
Photo Credit: Ekaterina Shevchenko