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Even as people continue to splurge on shopping, they cut back on going out to eat and shop. Plus, the earlier-than-usual holiday shopping season meant online shopping as well sales of electronics and appliances dipped in December. Gas stations saw the biggest jump in spending last month, up 6.6%, as people traveled for holiday visits despite health warnings.
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The parent company Tailored Brands earlier said it would close up to 500 stores and cut 20% of corporate jobs. It's joined in pandemic bankruptcy by rival Brooks Brothers and a growing list of others.
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Spending is still nowhere near last year's. But as more states and cities allowed restaurants and shopping centers to reopen, May saw a big swing from a historic collapse in March and April.
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Though its stores remained open, Target saw its online sales jump 141% in the past three months, with 5 million shopping on the retailer chain's website for the first time.
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Retail sales saw record drops for the second month in a row. Other categories with huge declines included a 59% dive in furniture sales and 29% decreases in department stores and gas stations.
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In this season of holiday shopping, now is about the time when many of us get stuck and don't know what to get for someone on our gift list. There are at least three Pacific Northwest companies who may come to your rescue with ideas for unconventional presents. A hint: they involve used dolls, a precious, exotic spice and a different kind of gift card.