Retail Pay Cuts 'Not a Good Sign' for Holiday Sales, Says Morning Consult
The share of retail workers suffering pay cuts has increased for the past six weeks, “not a good sign for holiday sales,” said a Morning Consult report released Monday and based on a poll of 15,000 U.S. adults. Seventy-three percent…
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expressed worry about the economy, 71% were trying to spend less money, 58% were worried about finances during the holidays, 54% were trying to pay down debt, 46% were worried about job security and 40% expected to have lower household income; a quarter had higher household income than last year. On health worries, 71% were concerned that others weren’t taking the coronavirus seriously while shopping, 70% were worried about being too close to others, 54% were concerned about delivery speed or delays, and 29% worried about having time to shop. Some 45% of those polled Oct. 30-Nov. 1 expected to spend less on gifts this year vs. 39% polled Sept. 1-3. Only 14% expected to spend more, up from 12% in September. Forty-seven percent planned to shop online vs. 22% in store; 31% expected to shop in store and online equally. December is “the true cliff” for unemployment benefits, with 37% due to expire then, following 9% this month, said a poll of 200 U.S. adults.