👋 Hi friends! This week has been..strange. I’ve been glued to my TV all week, learning about small counties that I didn’t even know existed, only to get frustrated and tune the entire election out.
I was going to write about the environmental impacts of the fashion industry this week, but it feels weird to not address the chaos that this country is experiencing right now.
Our entire country has been on edge over the last few days as we anxiously await the results of this shockingly close race. As a few key states are slowing down the final decision and the internet is doing what it does best; making it a meme.
The Election & Consumer Behavior
As I drove down Melrose Avenue in the days leading up to the election, I got an eerie glimpse of a post-apocalyptic world. Stores were boarding up, restaurants closing early, and people were hunkering down at home. This was happening in major cities across the country as we prepared for the unknown and the possibility of unrest.
This got me wondering…
What impact is this election going to have on our society?
People on both sides thought this election was going to be a landslide for their respective parties. And for good reason, the media made it seem that way. The fact that this election is so incredibly close shows just how divided our country really is.
Although the outcome of this election is still uncertain, one thing is for sure; one half of our country is going to be desperately disappointed with the results.
Typically, elections do not have much of an impact consumer purchasing behavior, but this election is anything but typical.
Outside of the usual one-two day “election distraction” that consumers historically experience during elections, we are also anticipating possible social unrest, a delayed stimulus package, looming economic uncertainty, recessionary unemployment levels, and let’s not forget about the global pandemic!
This mountain of stress and uncertainty will undoubtedly impact consumer spending habits as we head into the holiday season.
The impending stimulus package is arguably the biggest near-term factor in consumer spending. Millions of Americans are relying on a second stimulus package just to keep the lights on, let alone buy Christmas presents. If the election results are disputed, which seems likely at this point, it will almost certainly delay the approval of a second stimulus package.
“Any uncertainty in the outcome of the election almost guarantees no deal will be struck in the lame duck,” Mills said. “If we’re fighting over the election, there is no way to get compromise on fiscal support.”
-Ed Mills, Washington policy analyst at Raymond James
As additional stimulus is looking less and less likely before the holiday season the question becomes: Will the Government be able to put the needs of the American people before their own political drama?
News:
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Farfetch, Alibaba, Richemont Join to Accelerate China Business: Farfetch, Alibaba Group, and Richemont have unveiled a global strategic partnership to provide luxury brands with “enhanced access to the China market,” and to accelerate the digitization of the global luxury industry. As part of the partnership, Farfetch will launch luxury shopping channels on Alibaba’s platforms to bring luxury “to the next generation by seamlessly integrating the digital and physical realms.”
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Elon Musk Makes Tequila Brand: Teslaquila, the Tesla-branded liquor that co-starred in CEO Elon Musk’s controversial April Fool’s Day joke about the automaker filing for bankruptcy, has arrived. The tequila — described as a “small-batch premium 100% de agave tequila añejo made from sustainably sourced highland and lowland agaves,” is housed in a handblown glass bottle shaped in the electric charge symbol. Oh, and it costs $250.
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Walmart Black Friday Deals: Walmart is running not one, but three Black Friday sale events throughout the month of November. The first of the early Black Friday events the company is hosting, dubbed “Black Friday Deals for Days,” officially started on November 4 at 7 p.m. EST, with the promise of more deals added over time.
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-Jackie
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