Retailers are relying on the last-minute spending rush to help meet their holiday sales goals after a weaker-than-expected November.
Shoppers carry shopping bags down Fifth Avenue, Monday, Dec. 19, 2022, in New York. After a two-year hiatus, holiday procrastinators are back this year, during a holiday season when retailers need them even more. Shoppers have been pulling back on buying and waiting for the best deals as inflation weighs on their shopping habits.
A person walks carries an Aritzia shopping bag down Fifth Avenue, Monday, Dec. 19, 2022, in New York. After a two-year hiatus, holiday procrastinators are back this year, during a holiday season when retailers need them even more. Shoppers have been pulling back on buying and waiting for the best deals as inflation weighs on their shopping habits.
Americans’ spending has been intact ever since inflation first spiked almost 18 months ago, but the ability of shoppers to keep spending in a period of high inflation may be beginning to ease. Inflation has retreated from the four-decade high it reached this summer but remains elevated, enough to sap the spending power of consumers.
On average, the top 10 busiest shopping days in the U.S. — which includes Wednesday, Thursday, Friday of this week and Monday of next week — account for roughly 40% of all holiday retail traffic, according to Sensormatic. However, retailers might expect even larger numbers this year as high gas prices force consumers to consolidate their shopping trips and everyone converges over the next few days, Sensormatic said.
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