Are Elections deterring consumers to spend?
Over the weekend, my family and I went shopping on a street notoriously known for small mom and pop shops ranging from purses to clothing to car parts and more. We made small talk with many of the owners and asked how their business was doing this year:
It's been very slow
This street used to be lined with stores, but now half are empty
We've been trying to get into another market
Many of them insisted that their customers and suppliers all stated that business was sure to be slow since it's an election year and there's a midst of uncertainty ahead. But they were optimistic about the future.
A report by CNBC titled Why markets tend to fall during a presidential election year predicts that 2017 may not boost markets either since a
President's first year is as unpredictable as their last
Recent department stores such as Macy and Nordstrom have reported low earnings as well. Is the presidential election to blame or is the American economy in a downfall for other reasons?
Are the mom and pop's optimism for the following year warranted or just a fantasy
I believe a lot of retail such as the aforementioned purses and car parts are widely available via online retailers which is a large reason mom'n'pop shops are failing. Not sure I see a very bright future for them, especially when the baby boomers are gone.
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