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On this Business Beat, Jeff shares holiday spending predictions. The gist? Shoppers are eager but will be more selective.
Tune in below for the scoop:
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Good morning, Paul! The holiday season is fast approaching and for many small businesses in our region and across the country, this is a critical time to make the numbers. Now a new study of 1,000 consumers performed and just released by a company known as Clerk. They provide tools to brick-and-mortar retailers to enhance their business performance ports, perhaps a merry season indeed ahead.
Here are the key takeaways from the Clerk study. First, consumers appear to actually be eager to get out and shop in store this year. However, as expected, they’re going to be more careful with their spend and while the majority of consumers, 60% in fact, according to the new study, plan to tighten their spending, as many as 45% anticipate spending about the same as last year and 20% say they anticipate maybe spending even more this year. Twenty-six percent will begin holiday gift shopping early.
And how will tighter budgets affect consumers spend this year, specifically? While it’s anticipated consumers will likely spend more on generic brands this year in lieu of more expensive ones, categories where consumers will spend more: groceries, clothing and accessories, electronics, home goods, games and toys are all expected to actually be up. Categories with less spend this year: luxury items, travel sports and indoor fitness products.
So while in all Paul, in spite of inflationary pressure, not an entirely dire outlook for this holiday season, at least not sitting here in August, still a couple of months out from the heat of the action this season. We’ll obviously be keeping a close eye on it and reporting to you.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.