{"id":9027,"date":"2023-11-03T09:41:59","date_gmt":"2023-11-03T09:41:59","guid":{"rendered":"https:\/\/infundpros.com\/business\/retailers-predict-a-slower-holiday-shopping-season\/"},"modified":"2023-11-03T09:42:00","modified_gmt":"2023-11-03T09:42:00","slug":"retailers-predict-a-slower-holiday-shopping-season","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9027","title":{"rendered":"Retailers predict a slower holiday shopping season"},"content":{"rendered":"
\n

\n Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back.\n <\/p>\n

\n Holiday sales will increase by up to 4% this year, not adjusted for inflation, the National Retail Federation said Thursday in its annual projection. Holiday sales grew 5.4% last year.\n <\/p>\n

\n \u201cThere are some headwinds impacting consumers,\u201d National Retail Federation CEO Matthew Shay said on a call with reporters. \u201cConsumers are becoming more cautious.\u201d\n <\/p>\n

\n Consumer spending this year has\u00a0remained strong despite high inflation and rising interest rates. The government reported that strong consumer spending drove the economy to a robust 4.9% annual growth rate in the July-September quarter.\n <\/p>\n

\n But after the summer of splurging, some economists and consumer analysts anticipate that those and\u00a0other pressures\u00a0could cause that\u00a0resilience to buckle\u00a0\u2014 perhaps meaningfully so \u2014 during the\u00a0critical holiday season. Consumer confidence dropped for the third consecutive month despite the booming economy.\n <\/p>\n

\n October\u2019s decline in consumer confidence came as \u201cconsumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular,\u201d Dana Peterson, chief economist at the Conference Board, an economic think tank, said in a statement on Tuesday. \u201cConsumers also expressed concerns about the political situation and higher interest rates,\u201d she said.\n <\/p>\n

\n Consumers with a household income between $25,000 to $35,000 saw the biggest decline in confidence about the economy over the past month.\n <\/p>\n

\n The resumption of student loan repayments last month after a three-year pause could also impact consumer spending.\n <\/p>\n

\n \u201cStudent loan repayments will diminish the already dwindling savings among younger households,\u201d Moody\u2019s said in a report this week.\n <\/p>\n

\n Retailers are expected to ramp up discounts over the holidays to draw consumers.\n <\/p>\n

\n Shoppers will \u201cbe looking for deals, for discounts, finding ways to make the most of monthly paychecks,\u201d Shay said. \u201cSpending will be done in a deliberate way.\u201d\n <\/p>\n

\n The trade group expects retailers will hire between 345,000 and 450,000 seasonal workers, in line with 391,000 seasonal hires last year.\n <\/p>\n<\/p><\/div>\n

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