Retailers anticipate a significant rise in returns following the holiday shopping season, with an expected 17% increase compared to usual rates. This trend, driven by consumer behavior changes like 'bracketing' and 'wardrobing,' raises concerns for retailers about lost revenue and the environmental impact of managing millions of returned goods.
After this season's peak holiday shopping days, retailers expect their return rate to be 17% higher, on average, than usual. This year, returns are expected to amount to 17% of all merchandise sales, totaling $890 billion in returned goods, according to a recent report. Even though returns happen throughout the year, they are much more prevalent during the holiday season, the NRF also found.
As shopping reaches'Ideally, I hope there is a world in which you can reduce the percent of returns,' said Amena Ali, CEO of returns solution company Optoro, but'the problem is not going to abate any time soon.', customers got increasingly comfortable with their buying and returning habits and more shoppers began ordering products they never intended to keep. Nearly two-thirds of consumers now buy multiple sizes or colors, some of which they then send back, a practice known as' Even more — 69% — of shoppers admit to'wardrobing,' or buying an item for a specific event and returning it afterward, a separate report by Optoro found. That's a 39% increase from 2023. Largely because of these types of behaviors, 46% of consumers said they are returning goods multiple times a month — a 29% jump from last year, according to Optoro.'With behaviors like bracketing and rising return rates putting strain on traditional systems, retailers need to rethink reverse logistics,' David Sobie, Happy Returns' co-founder and CEO, said in a statement.54% of all packaging was recycled That presents a major challenge for retailers, not only in terms of the lost revenue, but also in terms of the environmental impact of managing those returns, said Rachel Delacour, co-founder and CEO of Sweep, a sustainability data management firm.'At the end of the day, being sustainable is a business strateg
RETURNS RETAIL HOLIDAY SHOPPING CONSUMERS SUSTAINABILITY
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.
Thanksgiving travel surge expected with nearly 80 million travelers, says AAA studyWOAI NBC News Channel 4 San Antonio provides local news, weather forecasts, traffic updates, investigations, and items of interest in the community, sports and entertainment programming for San Antonio and nearby towns and communities in South Central Texas, including Windcrest, Uvalde, Universal City, Somerset, Seguin, Schertz, San Marcos,...
Read more »
Holiday Travel Surge Expected Despite Potential Weather DisruptionsMillions of Americans are hitting the roads and skies for the holidays, with travel numbers expected to surpass pre-pandemic levels. However, potential weather disruptions, including storms and heavy rains, could cause delays and cancellations.
Read more »
Bitcoin Volatility Fuels Options Trading, Altcoins Expected to SurgeBitcoin's recent price decline and impending options expiry are creating opportunities for options traders. The market anticipates a potential shift towards altcoins as investors seek higher returns.
Read more »
Retailers Brace for 17% Surge in Returns After Holiday ShoppingThe holiday shopping season is typically followed by a spike in returns, known as 'Returnuary.' This year, retailers anticipate a 17% increase in returns compared to usual, amounting to a staggering $890 billion in returned goods. Several factors contribute to this trend, including consumers buying multiple sizes or colors and returning unwanted items, known as 'bracketing,' and 'wardrobing,' where purchases are made for specific events and then returned.
Read more »
Holiday Returns Surge: Retailers Face $890 Billion in Returned GoodsRetailers are bracing for a surge in holiday returns this year, with expectations of a 17% increase compared to usual rates. This trend, dubbed 'Returnuary,' is driven by several factors, including increased online shopping, 'bracketing,' and 'wardrobing' behaviors.
Read more »
Holiday Returns Expected to Soar to $890 BillionRetailers anticipate a significant surge in holiday returns this year, with an estimated 17% increase compared to usual rates. The surge is attributed to consumer behaviors like 'bracketing' and 'wardrobing', where shoppers buy multiple sizes or items for specific events and then return them.
Read more »