Former Target Vice Chairman Gerald Storch on Thursday warned that holiday spending will likely disappoint this year as inflation-battered consumers run low on savings and scrimp on spending due to geopolitical uncertainties. “It’s very clear that consumers are running out of money,” Storch, also the former CEO of Toys R Us in the 2000s and … Read more
AFP Consumer spending remained strong in August as U.S. retail sales beat expectations, lending more credibility to the Federal Reserve’s pending reduction in interest rates. Retail sales shows a minor increase of 0.1% in August, largely due to a rise in online sales, according to Tuesday’s data from the Commerce Department’s Census Bureau. But the … Read more
Australia’s restaurants, cafes, and pubs saw a surge in footfalls this year due to an early Father’s Day. However, industry experts are of the opinion that this may be a one-off event, as consumer spending habits may be largely impacted by underlying financial pressures. The total hospitality spending rose to a whopping 5.2% — a … Read more
Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection, as it contends with a pullback in consumer spending and soft sales. The Columbus, Ohio-based company plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management. Big Lots, which sells furniture, home decor and other items, said in … Read more
Sago’s latest read on consumers, detailed in its 2024 Shopping Habits and Inflation report, shows how households respond to higher prices. The research revealed that 75 percent of households “are significantly impacted by inflation, leading to major shifts in shopping habits,” a Sago spokeswoman told WWD, adding that the company’s findings also revealed that 79 … Read more
Stung by leftover inventory and unsure about consumer spending, India’s auto dealers are worried about having to discount more to boost demand in the upcoming festive season, a representative of the dealers’ body said on Thursday. The double whammy of higher inventory costs and deeper discounts is a nightmare for auto dealers as that has … Read more
New consumer and SMB (small to medium-sized businesses) research shows that retailers are planning to leverage social media more this holiday shopping season while inflation remains a top concern. In a survey commissioned by Fiverr International Ltd., researchers also found that 53 percent of small businesses polled said they’re not considering mega marketplaces such as … Read more
When it comes to consumer demographics, retailers are constantly looking for ways to segment their shoppers and expand into other target cohorts. A new study by Coresight Research gives insight into who are the 2024 shoppers in the apparel and accessories, , and beauty sector — which is characterized by age and household income. … Read more
The second half is when dreams are made in retail. The extended back-to-school season and the big run up to the holiday season power the industry and can make up for the leaner months earlier in the year. But hopes are muted this time through as consumers navigate an economy that — outside of inflation … Read more
In the latest Pymnts Intelligence report, researchers found that most consumers say their income has not caught up with inflation. The report also revealed that the share of U.S. households living paycheck to paycheck was 63 percent in July compared to 62 percent in the same month last year. And while the inflation rate dropped … Read more
