![]() ![]() YipitData’s Ariane Turley suggested this was a direct result of consumers scaling back high-ticket purchases. It found that home goods bumped electronics out of the number one most purchased slot after two years when electronics led. And 28% of the over 6,000 consumers surveyed said they’d pass on buying specific items despite being offered a “good deal” if not considered a “necessity.”Īdobe also found consumers shifted to purchases of more day-to-day products and YipitData confirmed this trend toward practical, useful purchases. One-in-five shoppers expected to buy gifts for holidays and other occasions, but over one-fourth said their purchases would lean toward everyday items they normally buy. By comparison, purchase plans for consumer electronics, apparel and shoes, home and garden, smart home devices, toys and video games, and books, videos and media either dropped or declined year-over-year. Numerator’s Prime Day Survey found consumers planned to buy more household essentials, health and beauty, grocery, pet care and baby items during the event. So what can be learned from Amazon Prime Day and other ‘Christmas in July’ sales events as we look out over the backend of the year, especially to the runup for Holiday 2022? Needs before wantsįirst, essentials will be on top of the shopping list, so consumers will prioritize personal and gift spending based on needs versus wants. Overall retail sales advanced 8.8% in the first six months of the year, not including food services which is the second fastest growing category, up 22% year-over-year.Īnd if we also take out gasoline stations, the number one growth category up 41% year-over-year, total retail sales grew only 5.8%, from $2.9 trillion in 2021 to $3.1 trillion this year.Īny way you look at it, retail is falling further and further behind when inflation is factored into the equation. ![]() And it is even higher in essentials like food up 10.1% more, household furnishing and supplies rising 10.2% and motor fuel up a whopping 60.2%.Īt its elevated rate, inflation accounts for virtually all the uptick in retail sales measured by the Census Department through June. ![]() Now running at an annual rate of 9.1%, inflation is steadily chipping away at consumers’ spending power. Inflation headwindsīut these impressive results need to be placed into context within the broader retail economic environment. The draw of doorbusters – even if driven by excess inventory – could create a context for significant year-over-year growth,” he continued. ![]() “Visits to major retailers that designed complementary efforts peaked compared to previous years. “Prime Day 2022 demonstrates the ongoing ability of retail holidays to generate excitement and urgency even during an especially difficult economic environment,” Ethan Chernofsky, vice president Placer.ai shared with me. And Placer.ai, which tracks retail foot traffic, measured an uptick at Target and Best Buy BBY. However, RetailNext found a “surge” in foot traffic to apparel retail stores. ![]()
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