The economy is looking at the bleakest holiday outlook in recent memory, with sales that will struggle to top record-setting levels of the past few years.
Add it all up and the US economy is looking at the bleakest holiday outlook in recent memory, with sales that will struggle to top the record-setting levels of the past few years. Apparel companies across the board are conservative about expectations for the fourth quarter, citing an uncertain environment and declining sales activity in late October and early November.
A “Black Friday” sign is posted at a retail location in Philadelphia, Monday, Nov. 21, 2022. Bargain hunting is back with full force heading into the holidays. But inflation is limiting how much of a deal consumers will be getting. The challenges are especially acute for brands that cater to lower and middle-income consumers, who have become more cautious when it comes to spending on discretionary items.
“Higher-income households saved more than others and are far less sensitive to rising prices,” Moody’s Investors Service analysts said in a report, noting that the top 40% of the income distribution has 4.5 times more savings than they held prior to the pandemic. “As a result of their wealth buffer, they have continued to spend, especially on services like leisure and travel.”
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