The economy will be a big campaign issue heading into 2020 and if it continues to break records it could lead to a decisive Trump win for a second term.
More evidence of the strong U.S. economy during the Trump administration came over last weekend, as sales across the country on Saturday reached the highest level ever recorded.
Bloomberg reported, “Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners.” Craig Johnson, president of Customer Growth Partners, credited job growth and the abundance of disposable income for the record-setting day, adding, “Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years.”
Johnson noted that 58% of the increase in sales could be attributed to sales online. On Black Friday 2019, the day after Thanksgiving, the nation recorded $31.2 billion; on Saturday, December 14, the level reached $28.1 billion, and Cyber Monday, the Monday after Thanksgiving, the level of sales reached $19.1 billion.
Michael Greenberg, the CEO of Retina, told Yahoo News, “I think what we’re going to see is a shift toward this concept of lifetime value; it’s something that’s already been realized in more traditional industries, like airlines, and now retailers are starting to realize they have predictive power as well. So people are no longer that first purchase, but really that lifetime relationship with the business … I do think it’s going to become mission-critical in the year ahead where you cannot acquire a customer unless you know a priori what they’re going to be worth over the next two or three years.”