Americans cracked open their wallets more than expected in June, as shoppers began venturing out. But with a staggering 32M workers still jobless and the spread of COVID-19 prompting renewed business closures, this shift towards normalcy might be fleeting.
Coloccia, who owns a PR agency in California’s Orange County, said spending more time at home and not eating out prompted her to replace the table, but acquiring one proved to be harder than she anticipated. After an initial shipping delay of nearly six weeks, her table was delivered too badly damaged to use, and Coloccia said it was hard to find anything else in stock. “Other tables I looked at were all being sold out, so I think everybody sheltering at home was buying furniture,” she said.
The owner of a leather-goods company said the collapse of international tourism and city dwellers decamping to their second homes had driven sales down by as much as 90 percent. He added, though, that he did lease a car recently, prompted by an unease about cleanliness of public transportation as well as a realization that his upcoming vacation plans would have to change. “We had a big trip planned for South Africa and a smaller trip to Texas. Now, we’re doing these mini getaways,” he said.
“The fear factor is real. People don't want to get COVID-19, and there’s still a lot of unknowns,” said Joseph Feldman, senior managing director at Telsey Advisory Group. “The inability for people to physically go to a location or be hesitant to be in social proximity to other people will dampen consumers’ appetite to get back to brick and mortar retailing,” predicted Jaime Katz, equity analyst at Morningstar.
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