LINCOLN, Neb. (KOLN) - Online shopping is expected to be even more popular this holiday season due to COVID-19. A local economist says it’ll likely impact local businesses.
UNL economics professor Eric Thompson said local businesses have been adapting to the new norm of online shopping, but the pandemic has sped up the process faster than expected.
He also said although sales have been down the entire pandemic, he expects spending to be higher this holiday season because of COVID-19.
Thompson said, “I think that because so many people had to cut back on their entertainment and recreation because they didn’t feel comfortable with that.”
Thompon said slowing the spread of COVID-19 will boost the economy as more people would likely become more comfortable going out and spending their money.
At this point, U.S. Congress is still in talks about a new stimulus package for Americans. Thompson said he expects it to be much smaller than the first package.
He said the next package should focus more on people in need of relief rather than sending money to all U.S adults. Thompson wants the next package to target struggling businesses and those who are unemployed.
“I think that’ll also have the beneficial effect of having the greatest on helping the economy,” Thompson said.
President-elect Joe Biden has brought up the idea of potentially including student loan forgiveness in the next stimulus package. Thompson said it’s certainly possible this happens, but doesn’t know if this would target the people most in need of relief during this pandemic.
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December 04, 2020 at 08:18AM
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UNL Economist discusses impact of online shopping, next stimulus package for Americans - KOLN
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