During an interview during NRF 2023: Retail’s Big Show, Macy's CEO Jeff Gennette said gift giving periods 'were quite strong' but that there was a decrease in self purchases.
"Those lulls were more pronounced this year than in years past," he said. "So that is where the consumer is."
He described that period as the first few weeks of November and the second and third week of December. Jeff Gennette, chief executive officer of Macy's Inc., speaks during the Bloomberg Equality Summit in New York, U.S., on Tuesday, March 22, 2022. When you look at overall credit card data, Gennette has noticed that customers are building balances on Macy's store and co-branded cards. He is also noticing a rise in delinquencies. Given this self-purchasing data combined with credit card data "and then just looking at the macro influences of what's going on in the economy…it's a point to say be cautious, but be ready to pounce when opportunities and signals present themselves," Gennette added.
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