The holiday shopping season is off to a slow start this year, indicating a return to normalcy in the economy. Despite months-early holiday shopping being more common during the pandemic, with last-minute shopping and picking up of gifts not being an option, Spendlove believes that the return to a more traditional timeline this year is a good sign. The senior economist draws a comparison between the pandemic and a rock being thrown into a lake, with the ripple effects of the impact still being felt. While the pandemic may be over, we are still dealing with its aftermath.
Despite retail sales falling for the first time since March, improvements are being observed in employment data, inflation, and retail spending. However, the elusive soft landing that everyone hopes for is yet to be achieved. Spendlove believes that this shift in the timing of holiday shopping is reflective of the economy still being affected by the pandemic. With Thanksgiving approaching, it is predicted that shopping will pick back up and a true sense of economic normalcy seems to be on the horizon as we move towards winter holidays.