The vaccine allowed customers to shop more comfortably in stores, and global trade shows and fashion shows to become live events again.
In early 2021, people started getting their Moderna, Pfizer or Johnson & Johnson vaccines and retailers saw even more of what they called “revenge shopping,” where consumers, who hadn’t ventured far from their homes for over a year, started returning to stores rather than buying online as they had been doing since March 2020 when lockdowns began.
Jill Standish, senior managing director and head of global retail practice at Accenture, spoke in June about a significant uptick she saw in spending. “Data from several major financial institutions shows consumer spending up dramatically over the same period a year ago, when states ordered all but essential workers to stay home.
“With the U.S. likely back to normal life and routines — including travel, entertainment, restaurants — by the third quarter, we expect the pent-up consumer demand for apparel, accessories, footwear, home and other adjacent categories to produce an excellent second half of 2021 for retailers. The combined lingering effect of the stimulus payments, a large number of jobs to be filled and the trillions in savings amassed by U.S.
As the largest private-sector employer, retail contributes $3.9 trillion to the annual U.S. gross domestic product. Retail supports one in four U.S. jobs, or 52 million Americans. While the debate about mask and vaccine mandates was often cited as a political one, a spot check of store employees in different states indicated that it was more a matter of personal choice. And many wanted the freedom to make that choice.
In fashion, the inflation is most apparent online — the channel that has seen the strongest growth and also saw November apparel prices jump 17.3 percent compared with a year earlier, according to Adobe.“This is the highest year-over-year increase since Adobe first began tracking the digital economy in 2014, and it marks the 18th consecutive month of year-over-year online inflation,” the software company said.
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