Tag: Bleak

‘Bleak Friday’ for Stores as Pandemic Pushes Holiday Shopping Online

The 2020 edition of Black Friday did not offer the usual scenes of bustling stores and shoppers lined up outside discount chains and electronics retailers. Instead, most people bought online, if they bought at all.

Crowds at malls and city shopping districts were relatively sparse over the holiday weekend in the face of rising coronavirus cases and warnings from the Centers for Disease Control and Prevention to avoid large groups. Major chains closed on Thanksgiving, after years of being open that day. And many Americans did their shopping before the weekend even began, drawn by sales that began in October.

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Online Shopping a Lone Bright Spot in Otherwise Bleak Retail Sales Report | Economy

Retail sales in the U.S. plunged a record 16.4% last month as consumer spending evaporated in the wake of widespread lockdown measures and massive spikes in unemployment fueled by the ongoing coronavirus pandemic, according to data published on Friday by the Census Bureau.

“The magnitude of the consumer pullback in April was truly staggering – it speaks to the ferocity of the COVID-19 shock,” Lydia Boussour, senior U.S. economist at Oxford Economics, wrote in a research note on Friday. “The pullback was concentrated in the most vulnerable sectors including clothing, electronics, and furniture, which saw 60% to 80% declines,

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