Shoppers are dipping more into their savings, turning increasingly to “buy now, pay later” services, and running up their credit cards.
Elevated prices for food, rent, gasoline and other household costs have taken a toll on shoppers. As a result, many are reluctant to spend unless there is a big sale and are being more selective with what they will buy — in many cases, trading down to cheaper stuff and less expensive stores.
Shoppers are also dipping more into their savings, turning increasingly to “buy now, pay later” services like Afterpay that allow users to pay for items in installments, as well as running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy.Katie Leach, a social worker in Manhattan, was browsing the aisles at Walmart but said she will start holiday shopping during the first week of December as usual.
But some pandemic habits are sticking around. Many retailers that closed stores on Thanksgiving Day and instead pushed discounts on their websites to thin out crowds at stores are still holding onto those strategies, despite a return to normalcy. Against today’s economic backdrop, the National Retail Federation — the largest retail trade group — expects holiday sales growth will slow to a range of 6% to 8%, from the blistering 13.5% growth of a year ago. However, these figures, which include online spending, aren’t adjusted for inflation so real spending could even be down from a year ago.If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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