Small businesses will feel effects of COVID during holiday shopping season, UK professor says

Local

UK professor of economics Christopher Bollinger says before you get too comfortable clicking away with online shopping, have a budget.(WDKY)

LEXINGTON, Ky. (WDKY) – The holiday shopping season is at its peak.

While you’re out and about buying those last-minute gifts, we have some shopping strategies that can save you a little money this year.

UK professor of economics Christopher Bollinger says before you get too comfortable clicking away with online shopping, have a budget.

“I think being a little bit more mindful of your budget so that you’re not getting bills in January, so you’re like, ‘Oh my God! What was I thinking?’ That’s really important,” Bollinger said.

Bollinger believes that, although we’ve gone through unprecedented unemployment hikes and a recession back in April, people still have money to spend because some of that unemployment is down, the stimulus helped and a lot of people didn’t take a vacation this year.

“Well, it’s been a difficult time,” Bollinger said. “We’ve had to make a lot of changes in our life. Income was not one of them. Many people are still working and still working at the same job a year ago.”

From a business standpoint, there’s good news and bad news. Bollinger predicts a robust season for e-commerce, with revenue up 30 percent. However, he says small businesses will feel the effects of the pandemic.

He thinks health restrictions will deter people from shopping locally.

“This year is really going to be a bust for them,” Bollinger said. “And they’re not gonna get the type of revenues they expect. I hope I’m wrong.”

Professor Bollinger says people are tipping servers at really high rates for takeout food which he thinks translates to giving during the Christmas season.

Latest Video

Latest Video

Trending Stories

Latest News

More News

Offbeat News

More Offbeat News