May sound a bit exaggerated and we may not like the increased commercialisation of Christmas, but from today onwards could indicate whether some businesses will survive.
Like many American cultural imports, Black Friday and Cyber Monday being some of them have become part of our culture and the international online shopping sales event of the year.
This year after two national lockdowns and the so awaited PM announcement of giving the heads up for Brits to have a 'normal Christmas', shopping this festive season will be crucial for the economy. Shops and businesses desperately need us to spend more than ever if we can.
According to a PWC report, the first lockdown’s boom in panic-induced grocery shopping masked an actual fall in non-grocery sales of 40 per cent between January and April. Nevertheless, total sales had returned to pre-pandemic levels by June, with the glaring exception of fashion, still 14 per cent down for obvious reasons.
It is clear that this Christmas like the most part of this year will be different to every other Christmas ever. Most of our shopping will be made online and this is because business owners and consumers share two things in common. Two objectives: to avoid the crowded streets of the annual Christmas “big shop” with all the extra hassles of Covid-measures by taking advantage of online bargains; and the opportunity to spend what’s become known as ‘forced savings’: money that would otherwise have gone towards holidays or eating and drinking out.
However, we also need to bear in mind the less fortunate part of the population that have lost their jobs and aren´t receiving enough help from the government.
This comes after Chancellor Rishi Sunak announcement that unemployment could rise to 2.6 million by the middle of next year.
Experts believe the UK economy is expected to shrink by 11.3% this year, the sharpest decline in 300 years, according to the government's independent forecaster, the Office for Budget Responsibility (OBR).
Therefore, after these few stats we hope consumers manage to find a balance to survive at the fearful challenges of this year and support the economy with their Christmas shopping. Our economy desperately need us to have a successful Black Friday weekend.
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