The coronavirus pandemic continues to surge to new heights, right as Christmas travel and shopping approaches. The pandemic makes navigation difficult for the most celebrated holiday of the year. Independent retirement planning advisor Mike Reeves of Strategic Wealth Designers says the holidays this year will be a mixed bag of celebration and trepidation.
“On the one hand you have Christmas and New Year’s, which typically bring out the best in generosity and a loving spirit,” Reeves says. “At the same time, we continually see negative headlines about restrictions being put in place and coronavirus cases jumping to all-time highs. The traditional shopping landscapes we’re accustomed to are not going to happen. Some will benefit greatly while others are decimated.”
Those who have spent time throughout the pandemic building out a robust online presence are going to win the day throughout December. Many retailers have invested heavily in attracting customers online given the expected COVID rise in the colder months. Reeves says that small businesses who are mainly reliant on physical locations will stand to see the greatest loss.
“The big chains….Walmart, Apple, Home Depot etc, these big stores have the infrastructure in place to see a large portion of their sales targets shift to online and not be hurt too significantly,” Reeves says. “There will be some drop off because people in-store spend more than the average online shopper but overall we will see record online sales. Depending on what restrictions continue to be added, the local and small businesses will be hurt the greatest. If we went to a full shutdown again, the unemployment numbers would surge to a historic level and a recovery could be very long having to go through this scenario a second time.”
Reeves expects there to be some pocketed shut downs but nothing from a national scale that shutters all locations. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to email@example.com.