Transcript for Why sales aren't ending on Labor Day this year
Back now with great deals you can score this fall during this unusual year. The Black Friday bargains are coming earlier than ever and Becky Worley has all the detail. Good morning, George. It is a weird year and we have to go back to economics 101, supply and demand. When there's a lot of supply, prices go down on the flip side, when there's a lot of demand prices go up. But here's where this directly affects you, the covid economy created two very different supply and demand curves and understanding them will help you score the best deals this fall. Labor day sales have come and the next savings event, though, is the big one. Black Friday. And let me tell you, it's going to be weird this year. Why? Because as brick and mortar sales have dwindled or disappeared during lockdown, online sales have boomed. Everyone is going to be shopping earlier because they don't know what's going to come in the next couple months. There might be another lockdown so people are going to be getting their gifts earlier. Reporter: An analysis of U.S. Commerce department data shows online spending was up 30% from the first half of 2020 with stores like Amazon, target and Walmart reporting record sales. In these categories, demand is up and generally so are prices but then there's another supply and demand curve. In-store brick and mortar retailers. There were shutdowns and had a lot of merchandise so instead of just moving that merchandise out, they're putting that out on deep discounts so people can actually purchase them. Reporter: So as the big shopping period of the year approaches there are creative ideas floating around and ways for shoppers to jump into the savings. Small businesses moving to online sales. Find your favorite boutiques on social media and shop their sales on smaller digital platforms. Malls holding outdoor tent sales to provide ventilated socially distanced savings events and probably the most important, because of the pandemic, there will be fewer in-person black Friday events meaning even more of these sales online and expect them to start before Halloween. Another element of this retail mayhem. Amazon postponed prime day. Usually it's in the summer but Amazon telling us it will happen this fall sometime after October 1st is what they say. Also another covid change, big retailers announcing they will not be open on Thanksgiving day. Walmart, target and Best Buy to name a few keeping stores closed on the actual holiday. George, this is going to be a very different Black Friday. Boy, in so many way, okay, Becky, thanks very much.
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