As we look back at the holiday season that has passed, we hope you had a wonderful time celebrating with friends and family. Many of us took the time to rejoice with those closest to us, to drink a hot cup of cocoa or sing a holiday song. It’s often also a good time for reflection. And to that avail, have you ever thought about how our economy is impacted by The Holiday Season?
Traditionally, U.S. commerce and trade ramps up considerably at this time of year. Below, you can see some of high level economic impacts of the Holiday Season from the Department of Commerce Census Bureau’s ‘Facts for Features’ and Statista’s (a quantitative research firm) overview on the previous year’s (2016) Holiday Season:
- Over $22 billion of retail sales in department stores nationwide
- Over $60 billion of e-shopping and mail orders from U.S. consumers
- Over 550 U.S. businesses produced toys for the season, enabling over 6,000 American jobs
So as you can see, the holidays are not just a time for good cheer, but also an enormous growth opportunity for your business and for the economy! Holiday retail spending has been growing by at least 3 percent per year for the past five years and accounts for 20 percent of all annual domestic retail sales. It is certainly something to take advantage of if you can!
These trends also largely hold in many overseas markets too, though they can often take place at different times throughout the year depending on the country/holiday in question. Thus, holidays here in the U.S. and internationally are often great ways to expand your business both in terms of scale, and specifically into new export markets since holidays typically drive increased spending behavior. This could be just the reason to start exporting if you aren’t already doing so! The ‘Made in America’ label carries more weight than you think, so it’s never too late to get started. Whatever the reason, now is the time for you to grow your business through exports, and we’re here to help.
As the official export-credit agency of the United States, EXIM Bank can help you at every step of the way, whether you are entirely new to exporting, or if you have many years of experience doing so. Interested in learning more? We would be happy to speak to you! Request a free consultation with an EXIM Bank Trade Specialist today:
