Cracks are showing as higher prices for basic necessities take up increasingly large share of consumers' pay.
Overall spending has slowed from the pandemic-infused splurges and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded. Many shoppers have been trading down to private label goods, which are typically less expensive than national brands. They've been going to cheaper stores like dollar chains and big box stores like Walmart.
"Consumers are trying to spread out their budget, and they are evaluating and shopping at different stores," said Katie Thompson, the lead of consultancy Kearney's Consumer Institute. In November, shoppers cut back sharply on retail spending compared with the previous month. Retail sales fell 0.6% from October to November after a sharp 1.3% rise the previous month, the government said in mid-December. Sales fell at furniture, electronics, and home and garden stores.
The trade group expects holiday sales growth will slow to a range of 6% to 8%, compared with the blistering 13.5% growth of a year ago.Trending News
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