Retailers are bracing for tougher times and more frugal customers in 2023
Brent Lewis | Denver Post | Getty ImagesShoppers make returns and exchanges. They come to stores with gift cards in hand. And they may spring for workout clothes or other items to follow through on New Year's resolutions.
So far, early holiday results have been better than some economists and retailers feared. Sales from Nov. 1 to Dec. 24 rose 7.6%, according to data from MasterCard SpendingPulse, which measures in-store and online retail sales across all forms of payment. The figure includes restaurants and is not adjusted for inflation, which rose 7.1% year over year in November.
Plus, Americans' spending spree during the earlier years of the pandemic, fueled by stimulus money, boredom and socked-away savings, have made for tough comparisons.Across six retailers — Walmart, Target, Best Buy, Nordstrom, Kohl's and Macy's — foot traffic dropped by an average of 3.22% year over year for the weeks from Black Friday through the week of Christmas, according to data from Placer.
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