Bargain hunters will be unhappy this holiday season, as retailers hold back on discounts.
Across the board, retailers including Best Buy, Kohl’s and Macy’s have limited the number of discounts at their stores as billions of dollars of merchandise sits on container ships at American ports.
This year’s promotional levels have been at historic lows, Macy’s Chief Financial Officer Adrian Mitchell told investors in September. The company is focused on items with higher average price points, he said, adding that Macy's has"been more thoughtful about the categories that need promotion."According to recent forecasts from the National Retail Federation, holiday spending is expected to “shatter previous records,” with sales growing between $843.
“You will find retailers look at early signals of how consumers are shopping to see about pricing,” said Rod Sides, Deloitte vice chairman and lead of the firm’s U.S. retail and distribution practice. “We will see how inventory plays out and retailers might cut back on promotions because of inventory.
“Take Best Buy as an example — these are promos that allow shoppers to get a refund of the difference if something they bought early goes on sale for a lower price before Black Friday,” McGrath said. “Whereas, in the past, retailers enticed shoppers with free shipping, this year, they’re trying to instill confidence in early shopping.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Protesters take to the streets of Rome amid G20 summitAs many as 10,000 people — including climate activists and people who lost their jobs due to globalization — are expected to protest in Rome today during the G20 summit
Read more »
Nigeria launches eNaira amid hope, scepticism - and plenty of uncertaintyNigeria on Monday became the first African nation to launch a digital currency - the eNaira - a move its leaders said will expand access to banking, enable more remittances and even grow the economy by billions of dollars.
Read more »
Baptist university nixes Jon Meacham speech on civil discourse amid anti-abortion pressurePetitioners complained he's previously supported Planned Parenthood, saying 'his beliefs and core values do not align with those' of the school.
Read more »
More NYC workers get jabs amid mandate; 1 in 6 still refuseOne in six New York City’s municipal workers, more than 26,000 people, remained unvaccinated after Friday’s deadline to show proof they’ve gotten at least one dose of the COVID-19 vaccine, the city said Saturday
Read more »
Asian World Film Festival Highlights Continent’s Cinema Amid Pandemic Challenges“Flabbergasted” is Georges Chamchoum’s choice word to use when thinking of Asia’s disappointingly low Oscar representation, especially given all the masterpieces that have come from the region. Two…
Read more »
American Airlines cancels hundreds of flights amid bad weather, staffing issues during Halloween weekendMore than 800 flights were canceled Sunday, according to flight tracking website FlightAware, nearly 30 percent of the airline’s total scheduled departures. A day earlier, more than 540 flights were canceled.
Read more »