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Newswest 9 | Midland, Texas | newswest9.com

Sales expected to grow this holiday season

The way we shop and spend money is being affected by COVID-19 and the struggling oil and gas industry. Even so a financial expert says holiday sales will grow.

MIDLAND, Texas — Many of you probably took advantage of the Black Friday, and Small Business Saturday deals.... and now today is Cyber Monday. 

Whether it was in person or at home, even with COVID-19 and all of the bad news on unemployment one financial expert is saying holiday spending is  expected to grow this season. 

Finding the best deal for your buck on Black Friday was even bigger this year. 

Just like everything else - the way we shop and spend money is being affected by COVID-19 and the struggling oil and gas industry. 

Even so, Mickey Cargile, owner of Cargile Investments says there's a few reasons why sales will still increase in 2020. 

"The main reason is because travel is down more than that 60% so that money that people would have spent on travel is being spend on shopping," said Cargile.

The pandemic may be forcing stores to limit the number of shoppers inside, but its online sales that are picking up the slack. 

"This year its expected that online shopping will contribute 212 billion dollars to the Christmas shipping season," said Cargile. 

Most of you started shopping from the comfort of your home to kick of the holiday shopping season, while some still headed to the stores for the traditional in-person shopping experience. 

"We're still seeing steady traffic in the store its just a little bit different from years past," said Jeremy Goldman, the store director for the Academy Sports and Outdoors store in Midland. 

Big retailers even getting a head start this year on sales. 

Some started their deals as early as the first week of November. 

Economists believe online spending is expected to grow into the holiday season. 

"Holiday sales have averaged in terms of growth about 3.5 percent per year over the last five years but this year the expectation is that sales will grow 5.2% to 767 billion dollars this holiday season," said Cargile. 

There's still a steady flow of shoppers, many of them are just shopping in a new way. 

Perfect for Cyber Monday.

RELATED: Black Friday sees record online as US shoppers stay home, spend $9 billion