As American shoppers stomach soaring food prices, they are cutting back on purchases of other goods. Retailers like Walmart noticed softer sales of electronics, toys, home and apparel in the most recent quarter.
- As American shoppers stomach soaring food prices, they are cutting back on purchases of other goods, such as toys, clothing and housewares, in a challenging trend for retailers.
Higher prices on food led to soft sales of electronics, toys, home and apparel in the most recent quarter at Walmart. McMillon said he believed inflation on dry groceries and items made for immediate consumption would remain high "for a while". Coresight Research predicts annual grocery retail sales will grow by around $500 billion between 2022 and 2030.
Walmart can withstand the challenge more than other retailers, investors said, as groceries make up a bigger share of its sales.While groceries comprise 56% of Walmart sales, they make up about 20% of sales at Target, which depends more on home furnishings, apparel and beauty. Home goods retailers are under pressure, with sales of home goods and home improvement merchandise, including gardening products, in 2022 making up just 11% of total retail sales, down from 15% in 2017, according to Coresight, which pulls data from the U.S. Census Bureau.
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