The Backroom: How the Holiday Shopping Season Is Taking Shape
The holiday retail season is slowly but surely approaching, and has even already begun. Retailers like Amazon have held sales events, and analysts expect more attempts to attract consumers. The most effective lure this year may be discounts. The middle class has been under long-term pressure, and the boost to savings from pandemic-related relief has largely ended. Meanwhile, costs are rising, including many who need to resume student loan payments (the Supreme Court struck down the Biden administration's forgiveness plan). Additionally, budget-conscious consumers, when making tough choices, often prioritize experiences like travel, dining out, and concerts. Retailers had hoped for certainty after vaccines brought the pandemic under control, but uncertainty will hang over the season. Nevertheless, many holiday traditions focus on light, bringing hope in uncertain times. This program discusses the holiday season outlook.
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The holiday retail season is slowly but surely approaching—or perhaps it has already arrived. Amazon and other retailers have already held promotional events, and analysts expect more attempts to capture consumer attention.
The most effective lure this yearmight be discounts. The middle class has been under pressure for some time, and the boost to savings from pandemic-related relief has largely ended. Meanwhile, costs have risen, including the need for many to resume student loan payments—after theSupreme Court struck down the Biden administration's forgiveness plan. Additionally, budget-conscious consumers, when making difficult spending choices, often prioritize experiences like travel, dining out, and concerts.
Retailers may have hoped that certainty would arrive once vaccines calmed the pandemic and we entered the post-lockdown era. But uncertainty is looming over this season.
Nevertheless, many traditions celebrating this season focus on light. In any uncertain time, that brings hope. Join our team as we listen to this episode of The Backroom, discussing the outlook for this holiday season.
Retail Dive · How the 2023 holiday season is shaping up
Resource links
- Holiday spending to surpass pre-pandemic levels: Deloitte
- What holiday hiring efforts look like in 2023
- Credit card debt tops $1 trillion, before the holidays even arrive
- Why holiday spending is going to the dogs
- September retail sales signal tepid holiday spending
Editor's note: This episode was produced and edited by Caroline Jansen.