Retailers are also making adjustments that are less visible to consumers: by using data and investing in automation to predict shopping preferences and manage inventory, or by hiring fewer seasonal employees in anticipation of slower growth.
#WORRIED INFLATION HERE ARE REASONS OPTIMISM WINDOWS#
Others are announcing price match guarantees and widening return windows during the holidays to reach more consumers. Some retailers are doubling down on membership benefits to drive loyalty and increase their share of wallet.
With this divergent dynamic in mind, many retailers have kicked off the holiday-shopping season earlier than ever. People in the United States are more excited for the holidays than they’ve been in years. But many of them have cash to spend-and they say they’re not just willing but eager to spend and splurge. They’re looking for savings by trading down and seeking value where they can find it. Their sentiment about the economy remains historically low, and they still have concerns about inflation. Meanwhile, US consumers continue to send mixed signals.
This article is a collaborative effort by Colleen Baum, Joyce Chai, Tamara Charm, Kelsey Robinson, and Tom Skiles, representing views from McKinsey's Growth, Marketing & Sales and Retail Practices.
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