United States

Holiday spending to show online surge

Sales shifting toward experiential, travel and services


Download The Real Economy Vol. 22

Without a doubt, U.S. households are on much firmer footing than at any time since 2007 just before the onset of the two-year Great Recession. Incomes increased more than 5 percent last year and that’s been followed by another year of solid growth in job gains, wages and salaries. While retail sales on a year-ago basis likely peaked in June at 6 percent, the condition of the household over the past three years has improved to the point that fears of a dour holiday spending season should be put to rest.

For small and middle market businesses that have tapped into the online ecosystem that supports major retailers such as Amazon, Wal-Mart and Target, the holiday outlook appears to be strong. However, the shift toward experiential, travel and services spending, as well as a steady increase toward online purchases may present a challenge for middle market retailers that haven’t yet adapted.

Meanwhile, John Nicolopoulos, RSM retail practice lead explains how retailers can respond to minimum wage and overtime pressures.

Also in this issue, why middle market borrowers should explore nonbank loans as slower growth increases lender competition. And lastly, Richard Edelheit, national real estate practice lead and Tom Green, national real estate audit lead, discuss some recent warning lights for commercial real estate. 

Read the full issue of The Real Economy.

Download The Real Economy Vol. 22


Subscribe to
The Real Economy

Receive the monthly outlook directly to your inbox

Events / Webcasts


The Real Economy: Policy, economics and your business

  • September 27, 2021


Boom times are coming. How do we make them last?

  • June 07, 2021


Coronavirus webcast series: April 1, 2020

  • April 01, 2020


Coronavirus webcast series: March 25, 2020

  • March 25, 2020