JUNE 20, 2021–(BUSINESS WIRE)–An industry source tells The Wall St. Journal that retailers are planning to resume holiday sales on July 4, 2021, after nearly two years of uncertainty.
The source, who declined to be identified, said retailers will begin to ship on Monday.
Retailers and industry analysts were already forecasting that the holiday season would be an exceptionally busy period for retail sales, with an estimated 5.7 million holiday sales.
However, analysts are now expecting that the number of retail sales to drop significantly in 2021 due to the continued fallout from the Great Recession.
The industry source also said that while retailers may experience a decrease in holiday sales, many retailers are confident that the economy is recovering and that many retailers will resume normal sales this year.
Retail sales, which totaled $2.8 trillion in the fourth quarter, are expected to be $2 trillion higher in 2021 than in 2021.
The source added that retailers have begun to plan to re-stock their shelves this year, and that retailers will be in “the best shape of their lives” this year compared to the past.
Retails have been under intense pressure to reexamine the extent to which they should re-invest in their stores, and to take measures to reduce consumer spending.
Retailing stocks have gained nearly $2 billion in value over the past two weeks, according to data compiled by Bloomberg.
The S&P 500 has gained nearly 3 percent in 2017, the Dow Jones Industrial Average has gained more than 8 percent, and the Nasdaq Composite has gained 8.6 percent.
According to the Bloomberg source, retailers have not yet made a decision on whether they will open stores or not.
In November, The Associated Press reported that the Federal Reserve Bank of New York had signaled that it could consider the impact of a partial U.S. government shutdown on retail sales.
On the heels of the Federal Open Market Committee’s decision to keep interest rates near zero for the foreseeable future, retail sales are expected have a big impact on retail spending and economic activity.