Omicron variants will change shopping patterns! Experience-based consumption may be affected!

Matt Shay, CEO of the National Retail Federation, said on Tuesday that the Omicron variant could change shopping patterns this holiday season, prompting consumers to shift from experiential consumption (movies, travel) to electronics, toys, clothing and other items.

According to the National Retail Federation, holiday sales in November and December are expected to grow to between $843.4 billion and $859 billion, which means sales will increase by 8.5% to 10.5% this year.

An August survey by consulting firm Accenture showed that about 43% of consumers said they planned to buy experience-based consumer items (travel vouchers, restaurant gift cards, movie tickets) this holiday season, and this trend was more pronounced among younger generations, with 53% of millennials and 50% of Generation Z saying they preferred experiential consumption.

Matt also said that despite the emergence of new variants, they remain confident in consumers' desire to shop as more Americans have been vaccinated and the increased safety factor provides a guarantee for consumers' shopping environment.

Editor✎Irene/

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