The economy delivered some bad news but mostly surprisingly good news for retailers last year. Consumer confidence was shaken by high inflation and the interest rate hikes intended to combat it, but consumer spending — and retail sales — remained remarkably robust. And as 2023 was drawing to a close, inflation was showing signs of
WASHINGTON – Slower growth in wages and job creation are expected to weigh on consumers in the months ahead, according to the National Retail Federation, which nonetheless foresees an increase in spending in 2024 but at a rate slightly below overall economic activity. “Consumers were in decent shape heading into the holiday season, but the
WASHINGTON – The National Retail Federation today cited new U.S. Census Bureau data in reporting that core retail sales increased 3.8% to a record $964.4 billion during the 2023 holiday season. Sales for the full year grew 3.6% over 2022 to a record $5.1 trillion, NRF said. “Consumer spending was remarkably resilient throughout 2023 and
BENTONVILLE, Ark. — Walmart today topped estimates for its fiscal third-quarter earnings on strong grocery sales and gains in its e-commerce business. The retailer posted net income of $453 million, or 17 cents a share, in the 13 weeks to October 27. That compares to a $1.8 billion loss in the year-earlier quarter due to
MINNEAPOLIS — Target Corp. today posted better-than-expected earnings for its fiscal third quarter despite another decline in comparable-store sales. Shoppers remain cautious, the company said, but did spend for necessities like food, school supplies and beauty aids. CEO Brian Cornell cited pressures like higher interest rates, increased credit card debt and reduced savings rates which
WASHINGTON – The National Retail Federation today forecast that holiday spending is expected to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. “It is not surprising to see holiday sales growth returning to pre-pandemic levels,” Matthew Shay, the federation’s president
WASHINGTON – Consumers celebrating the winter holidays expect to spend an average of $875 on gifts, food and seasonal items, according to a survey conducted by Prosper Insights & Analytics for the National Retail Federation. That sum is $42 more than respondents to last year’s survey told researchers they were expecting to spend, though it
WASHINGTON –Retail sales reversed their downward trend in July as Prime Day and major promotions by other brands prompted increased shopping while wage increases gave consumers more money to spend, according to the National Retail Federation. “July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending
CHICAGO – Circana today reports that spending on sustainability is increasing across several general merchandise retailers and packaged goods categories as consumers demonstrate a willingness to pay for sustainable products. “Products that impact our energy use, reduce waste, and use recycled materials or natural ingredients are all getting attention from consumers and presenting pockets of
PURCHASE, N.Y. — U.S. retail sales excluding automotive and gas rose 9.0% year-over-year in July, according to Mastercard SpendingPulse, which said rising prices—particularly for necessities such as food and fuel—were a contributing factor. Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, reflects nominal spending and is not adjusted for
PORT WASHINGTON, N.Y. — A recent NPD survey has found that 83% of U.S consumers are planning to make changes to reduce their spending in the next three to six months. And consumer demand has already become less predictable than it had been during the first two years of the pandemic, according to NPD data,
PURCHASE, N.Y.– The back-to-school season will be defined by the resilience and flexibility of the consumer, who in the face of rising prices is expected to keep spending in the months ahead, according to MasterCard SpendingPulse, a measure of retail sales across all forms of payment, not adjusted for inflation. U.S. retail sales (in-store and