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The contention around the 2020 presidential election is having some ripple effects, one of which is an effect on holiday shopping.Experts believe the delayed results are part of the reason there’s been a drop in holiday shopping, which retailers desperately need. So far, this year has been one of the toughest years for retail, especially brick and mortar stores.First, the pandemic forced closures and even as stores reopened, shoppers were initially hesitant to return to in-store shopping. Now, as holiday shopping starts to ramp up, the contentious presidential election has become a significant distraction for shoppers.“Consumers not knowing how to react have hit the pause button on their spending,” said Greg Portell, lead partner in the global consumer practice of Kearney.Portell believes without a clear winner in the presidential election and also acceptance of that victory, the holiday shopping season will not be what retailers needed.“The risk and uncertainty tied to civil unrest and the randomness of it at times, is really going to dampen consumers going into those locations,” said Portell. “That really takes the momentum out of what was a close recovery to what was traditional shopping patterns.”“Between the pandemic, the election,” said Mark Cohen, “it just doesn’t feel like we are going to have a jolly old Christmas.”Cohen, the Director of Retail Studies at the Columbia Business School, explained consumers need tranquility to spend and some excitement to spend the way they normally would for the holidays.“We’ve got a society of highly anxious, insecure, emotional, and battered consumers,” said Cohen, “None of that looks like it fits into any definition of tranquility.”However, some, like John Copeland with Adobe Analytics, caution against full doom and gloom around holiday shopping.“Typically, the day after an election, consumers slow their shopping a little bit,” said Copeland.Adobe Analytics data, gathered through its market-leading Adobe Analytics tool kit, shows in 2016 consumer spending dropped 14% after the election. After the 2018 midterms, it dropped 6%. So far, the day after this election, the drop was around 12%.However, those like Cohen and Portell expect, as the protests and legal battles over the election continue, even fewer people will want to spend money on shopping.If that starts to prove true, Copeland expects retailers will respond with new incentives for shoppers to start shopping at the “normal” holiday pace.“I think what we will see is retailers do more of what we already expect them to do which is pull their discounts and deals sooner into the season,” said Copeland. 2651
The exhibition fight between former heavyweight boxing champion Mike Tyson and Roy Jones Jr. has a new date.According to a press release by Triller, the 8-round showdown was slated for Sept. 12 but has been pushed back to Nov. 28."Changing the date to November 28 will give more people the opportunity to see the biggest comeback in boxing history," Tyson said in the news release. "This temporary inconvenience will last longer than Roy Jones Jr. He better be ready, I'm coming full force."New fights on the undercard were also announced. Badou Jack will face off against Blake McKernan and Viddal Riley will take on Rashad Coulter as they join the previously-announced bout between Youtube star Jake Paul vs. former NBA player Nate Robinson."Given the enormous interest, the holiday weekend will make this historic battle an even bigger viewing event, marking the first live Pay-Per-View event brought to the world by Triller as the first of the "Triller Battles" series," Triller said in the release.The full fight card:MAIN CARDMain EventMike Tyson vs. Roy Jones Jr.8 rounds - HeavyweightFeatured Bout 2Jake Paul v. Nate Robinson6 rounds - 188lbsFeatured Bout 3Badou Jake vs. Blake McKernan8 rounds - 192lbsFeatured Bout 4Vidal Riley vs. Randy Coulter6 rounds - 210lbsUNDERCARDBout 5Jamaine Ortiz v. Jesse Garcia8 rounds - 135lbsBout 6Irvin Gonzalez vs. Edward Vasquez8 rounds - 140lbsBout 7Giuseppe Cusumano vs. Nick Jones8 rounds - HeavyweightThe event is to take place at Dignity Health Sports Park in California and the California State Athletic Commission is sanctioning the bout.The "Frontline Battle" will be available to watch on Pay-Per-View and the social media platform Triller. 1701
The day after President Donald Trump signed a historic peace agreement with world leaders and attended a town hall event in Philadelphia, there are reports White House staff members may have tested positive for COVID-19.During his White House briefing on Wednesday, President Donald Trump confirmed that one person, who is part of the WH staff, tested positive for the coronavirus.A reporter for Globo, a Brazillian media outlet, who is part of the White House press corps tweeted Wednesday morning that she learned of the positive cases when the corps own testing was late. 582
The Democratic National Committee chairman assured supporters Thursday that a scaled-down convention would go on as scheduled in August in Milwaukee, Wisconsin."From the very beginning of this pandemic, Democrats have put the health and safety of the American people first. Unlike Trump, we followed the science, listened to doctors and public health experts, and worked through plans to protect lives," DNC Chairman Tom Perez said in a series of tweets. "That's how we made the decision to hold a responsible convention that will bring our country together, ensure our delegates can take care of official business without risk to public health, and still shine a spotlight on our host community of Milwaukee."In June, DNC leaders announced plans to transform the convention amid the pandemic, moving it from the Fiserv Forum, a 17,000-seat arena, to Wisconsin Center, a convention center. The DNC also advised state delegates to not travel to Milwaukee.Presumptive Democratic nominee Joe Biden still plans to accept the nomination in Milwaukee. The DNC is slated to begin Aug. 17. 1089
The Department of Justice announced Thursday that 57 people have been arrested across the country for fraud related to the Paycheck Protection Program (PPP).In a press conference Thursday, officials with the Department of Justice said that the suspects attempted to steal millions of dollars of taxpayer money.The PPP was established in the CARES Act, a stimulus package signed into law in March amid the coronavirus pandemic. The funds were meant to be used by small businesses to keep their businesses afloat.Officials said some of those arrested used the funds to buy "flashy or expensive" luxury items for themselves, rather than use the funds for their businesses. The DOJ also described that some of the suspects were part of "coordinated criminal rings" meant to obtain the funds through fraud.While officials did not put a specific dollar amount on the amount of funds stolen, officials called the number "significant." The DOJ says that it was able to seize or freeze million in funds provided through the PPP.This story is breaking and will be updated. 1074