KSL INVESTIGATES

Gephardt: New Economic Report Gives Retailers Hope For Holiday Spending

Nov 9, 2020, 6:32 PM | Updated: Jun 19, 2022, 10:02 pm

SALT LAKE CITY, Utah — Since the pandemic hit back in March, 2020’s economic news has usually been doom and gloom –especially early on when quarantines, furloughs, layoffs and business closures sent the country’s retail economy into a tailspin.

But a recent report shows there is some good economic news to report, even as COVID-19 numbers continue to spike.

A new report from Coresight Research found this past September not only saw a big gain in retail sales compared to the summer, but it also outpaced sales in September 2019 by 12% — well before the pandemic struck.

“A breath of fresh air, great numbers that we’re seeing,” said Alex Fitzgerald, a principal in consumer practice with retail consulting firm Kearney.

Fitzgerald said the numbers indicate this holiday season will not be the disaster many are fearing.

“Retailers are looking at this data and saying, ‘OK, this is encouraging. Maybe our holidays will be better than some of the downside scenarios that we’ve been planning for,’” she said.

A new report from Coresight Research found this past September saw a big gain in retail sales compared to the summer. (KSL-TV)

The same report showed clothing, department stores and restaurants are beginning to bounce back — though still far below levels before the pandemic. And it’s not that people are refusing to spend money — they are. It’s that more moolah is going to home improvement and building materials instead, along with sporting goods and hobbies.

Yet, Fitzgerald warned darks clouds still hover over the economy. The resurgence of COVID-19 means smaller retailers who aren’t Amazon or Walmart will keep struggling to stay open.

“There’s still a lot of uncertainty heading into the remainder of the year and then into 2021 as well,” she said.

So, how do retailers do Black Friday in a pandemic? Instead of crowds busting down doors on Nov. 27, retail experts said this year, the shopping spree will stretch an entire month or more. In fact, Best Buy, Walmart and Target have already started dropping their Black Friday deals.

KSL 5 TV Live

Top Stories

KSL Investigates

...
Matt Gephardt and Cindy St. Clair, KSL TV

Get Gephardt: Husband sued for deceased wife’s unpaid medical bill

Just about a year after his wife died of cancer, Keith Zipprich said he was surprised when he, himself, was slapped with a lawsuit from a debt collector trying to collect on one of her unpaid medical bills.
1 day ago
Proch pirates and doorbell cameras...
Matt Gephardt & Sloan Schrage

Get Gephardt: Why you cannot rely on doorbell cameras to thwart porch pirates

Over a third of us have been hit by porch pirates in the past year according to a new study from ValuePenguin.com.
1 day ago
With only days to go before Christmas retailers are hoping consumers will shop generously. (Photo b...
Matt Gephardt and Sloan Schrage, KSL TV

Gephardt Busts Inflation: The tricks retailers will use to get us to open up our wallets

Of the thousands of Utahns who shopped for bargains on Black Friday, many likely bought a lot of stuff they really didn't plan to buy. And as KSL's Matt Gephardt explains, that's all by design.
2 days ago
KSL TV's Daniella Rivera (left) and Unified police detective Doug Lambert (right)....
Daniella Rivera and Annie Knox, KSL TV

The gift you shouldn’t give car burglars this holiday season

Holiday shoppers are darting around busy parking lots this time of year. So are thieves. Unified police told the KSL Investigators there's a new number one hot spot for car prowlers, but some simple steps can make sure they don't get the better of you.
2 days ago
Matt Gwyther (left) and Dennis Rowley Gwyther (right). (Photo Provided By: Matt Gwyther)...
Daniella Rivera

How mental health staffing shortages are delaying justice in Utah’s courts

A Utah man waiting for justice after the 2019 murder of his husband says staffing issues at the Utah State Hospital have contributed to months of delays in court.
5 days ago
...
Mike Headrick and Cindy St. Clair, KSL TV

Newly built homes deemed unlivable due to sliding soil

If you want to know what a sinking home sounds like, just ask Eric and Carole Kamradt.
6 days ago

Sponsored Articles

notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 reasons you may want to consider apartment life over owning a home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Take this quiz before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t let a ransomware attack get you down | Protect your workplace today with cyber insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
Gephardt: New Economic Report Gives Retailers Hope For Holiday Spending