Retailers are preparing for an unprecedented holiday shopping season and could need to offer more discounts to lure inflation-wary shoppers.
“This is the first holiday season amid a consumer slowdown and high inflation for many years, so there is no recent precedent to learn from,” GlobalData managing director Neil Saunders told Axios.After years of booming, double-digit online growth, this year sales are expected to rise 9.4% to $1 trillion,Bloomberg also reported that some Amazon third-party sellers fear they could have to cut prices "to move a mountain of unsold inventory.
Nearly 30% plan to reduce holiday spending by up to 20%, but 20% plan to reduce spending by more than 50%.“In the face of economic uncertainty, Americans are ditching wants for needs, pulling back on luxury spending, and looking for a way to make their dollar go further,” Bob Carpenter, president and CEO of GS1 US, told Axios.
Spencer Shute, senior consultant at Proxima, said it could be a mixed bag as to how much of a discount retailers can offer.
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