Q4 Outlook ‘Clouded With Uncertainty’ Over COVID-19 Infection Rates: NRF

Holiday 2020 sales will hinge on whether consumer spending “will be sustained amid wildcard puzzle pieces including policy surprises, the election and a resurgent virus,” said National Retail Federation Chief Economist Jack Kleinhenz Thursday. He’s “cautiously optimistic” about the holiday quarter, “but the outlook is clouded with uncertainty pivoting on COVID-19 infection rates,” he said. “The recession appears to be behind us and the re-opening of the economy over the past several months has created momentum that should carry through the fourth quarter.” There’s “solid evidence that signals a better-than-expected outcome” for the holiday selling season, said Kleinhenz. NPD expects “historic” 18% growth for the consumer tech sector in Q4, based on “healthy gains in categories associated with learning and working from home,” said the researcher last month (see 2009090033).