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Reproduced from the Conference Board, Nielsen; Chart: Axios Visuals

Consumers are planning to pare back the most spending on vacations and travel during the holiday season — another possible concern for the services sector, according to a survey by the Conference Board and Nielsen provided first to Axios.

The big picture: Overall, consumer spending this holiday season is expected to be roughly in line with last year, the Conference Board estimates.

  • They'll spend an average of $673 on gifts this year, versus the $675 they were estimated to spend in 2019.

Why it matters: The retail sector has been hit hard. They are hoping consumers will open up their wallets during holiday season, so companies can recoup lost revenue from the onset of the pandemic.

What they're saying: The survey results for welcome news "at a time when consumer confidence remains below pre-pandemic levels, unemployment is elevated, and the economy appears to be losing momentum heading into the final stretch of 2020," Lynn Franco, senior director of economic indicators at the Conference Board, says in a release.

Of note: The pandemic is expected to pushed reliance on e-commerce for gift shopping into overdrive.

  • 52% said they planned to do at least half of their shopping online, while roughly 42% said the same last year.

Go deeper

Nasdaq's ultimatum

Photo: Kelly Sullivan/Getty Images

New diversity and inclusion rules are on the table for some of America's most powerful corporations, courtesy of one of its most powerful stock exchanges.

What's new: Nasdaq is threatening to delist companies that won't move toward having at least one woman and at least one underrepresented minority or LGBTQ person on their corporate boards.

More than 20,000 users submit cases to Facebook oversight board

Illustration: Aïda Amer/Axios

More than 20,000 people have submitted cases to Facebook's independent Oversight Board since the board started accepting user appeals in October, the organization announced Monday, and it has selected six initial cases for review.

Why it matters: The number of submissions speaks to the multitude of people who feel the platform's moderation of their content has wronged them. The tiny number of cases getting reviewed speaks to the limits of human oversight on a platform the size of Facebook, as well as to the novelty of the board's process and the complex nature of the cases chosen.

15 mins ago - Health

U.S. exceeds 100,000 COVID-related hospitalizations for the first time

People wait outside the Emergency room of the Garfield Medical Center in Monterey Park, California on Dec 1. Photo: Frederic J. Brown/Getty Images

More than 100,200 Americans were hospitalized as of Wednesday due to the coronavirus for the first time since the outbreak began in early 2020, per the COVID Tracking Project.

The big picture: The milestone comes as health officials anticipated cases to surge due to holiday travel and gatherings. The impact of the holiday remains notable, as many states across the country are only reporting partial data.

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