Inflation and other challenges have made for a tough economic backdrop, but consumer spending is steady heading into the holiday shopping season.
Surging inflation, rising interest rates, stock and real estate declines, sagging confidence and other challenges have made for a tough economic backdrop this year, with recession warning signs still flashing for 2023.
"Despite record levels of inflation, rising interest rates and low levels of confidence, consumers have been steadfast in their spending," said Jack Kleinhenz, the retail federation's chief economist. Consumers have been starting their holiday shopping earlier in recent years to spread out spending and avoid some of the stress. That also has helped retailers cope with labor shortfalls. The federation predicts retailers will hire between 450,000 and 600,000 seasonal workers this year. That would mark a pronounced drop from 670,000 seasonal hires in 2021.
The company's survey identified Amazon, Walmart and Target, in order, to be the top holiday shopping destinations, followed by Kohl's, Best Buy and Macy's. Toys and games will top all gift categories, followed by clothing, mobile devices, home furnishings and food, according to the survey. Jiles, a sports-journalism major at Arizona State University, considers herself fortunate to be a full-time college student with a family to lean on.
That said, online holiday sales are projected to continue climbing at double-digit rates, as they have in recent years.
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