Holiday retail sales are slated to increase at a slower rate than last year, retail industry groups and consultants say, as consumers continue to face strains from higher prices.
Senior retail leaders are more pessimistic about consumer
confidence to spend in the face of inflation than consumers
U.S. retail spending stalled in September as shoppers faced
high inflation and rising interest rates.
Shoppers’ average holiday spending will be higher this year than last, but it won’t be enough to dent the impact of inflation.
Concerns about high inflation and the Federal Reserve interest rate hikes intended to bring spending under control, but they haven’t stopped consumers, Chain Store Age reports.
Long before Halloween candy goes on sale, retailers are beginning to put out their holiday merchandise and offer deals targeting early shoppers. Is this the new normal? Are shoppers ready? What role does the economy play?
Signaling shoppers’ budget concerns, a Gartner survey of 306 consumers during July found that more than a fourth (28%) expect to spend less this holiday season while 10% will spend more this year than in years prior.
Real average monthly spending was flat and rising core inflation coincided with a substantial decline in Morning Consult’s Consumer Purchasing Power Barometer in August, with both sticker shock and trading down behavior increasing.
Consumers appear set to spend this holiday season. Roughly three out of four shoppers plan to spend the same or more on holiday shopping as they did last year, according
to Holiday Report, a study by Samba TV and HarrisX.
Holiday shoppers are streaming more and are increasingly apt to engage with interactive ads and look up brand or product reviews after seeing streamed ads, according to Roku’s 2022 fifth annual holiday consumer shopping study.
Retail spending growth is expected to slow during the 2022 holiday season as higher costs continue to weigh on consumer budgets, according to a new forecast by Deloitte.
Kroger Precision Marketing, the retail media business of supermarket giant Kroger, has opened its programmatic marketplace, enabling video and connected TV buyers to target ads using shopping data on consumer packaged goods.
The desire for quick delivery is re-emerging among consumers as the holiday shopping season begins.
According to the 2022 Holiday Preview from market research data and technology company Numerator, roughly six in 10 (59%) surveyed consumers expect to spend more than $200 on holiday purchases in 2022.
The end of the summer may not be such a sad occasion for retailers. According to the 2022 Labor Day Weekend Consumer Survey Report from market research data and technology company Numerator, expected impacts from inflation and the pandemic on consumer Labor Day spending are on the decline.
U.S. retail sales were unexpectedly unchanged in July as falling gasoline prices weighed on receipts at service stations, but consumer spending appeared to pick up at the start of the third quarter, further Reuters reports.
Special occasions are taking a big hit as consumers adjust their spending amid financial concerns fueled by inflation, Chain Store Age reports.
High-end furniture chain RH on Wednesday slashed its outlook for 2022 revenue, anticipating consumer demand for its products will continue to soften in the back half of the year.
Summer vacation season is just getting started, but retailers are already gearing up for the holidays.
The retail industry is up against a potential wave of bankruptcies following a months-long slowdown in restructuring activity.