Consumer sentiment rebounded from a two-year low in March, but shopper sentiment still is at historically depressed levels due to rising inflation, increasing fuel prices, and uneasiness over geopolitical issues.
Rising Costs and Waning Consumer Sentiment Pose Significant Challenges for Retailers in 2022, BRG Report Finds
Retail success in 2022 demands striking a balance between business needs and an increasingly cautious consumer.
February retail sales increased 13 percent year over year, and while inflation did contribute somewhat to the increase, sales generally were strong across all retail segments as consumers continue to spend.
Total retail and food services sales increased 13 percent year over year (YOY) in January 2022 and 3.8 percent compared to December 2021.
Keith Jelinek commented in Retail Touchpoints that the omicron variant did not seem to deter the majority of consumers who went to physical stores.
Despite consumer sentiment hovering around a two-year low, shoppers seem intent on celebrating the holidays and spending on gifts and other seasonal items.
Retail sales continued to increase in October despite consumer sentiment dropping to a new two-year low.
In September, BRG Retail published the results of its consumer holiday survey, wherein they asked over 1,000 shoppers about their holiday shopping expectations and level of concern over the impact of COVID on their holiday plans. In this new publication, the team revisits that survey and reviews insights for August versus October.
Holidays 2021: Retailers Walking a Tightrope to Balance Challenges of Labor Shortages and Supply Chain Issues with Customer Service Needs
Keith Jelinek, Rick Maicki, and Darren Morrison discuss store wages and how the cost of finding and retaining employees has become hyper-competitive, which can impact operating profits and the customer experience.
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