September 27, 2023
Over the last few years we have witnessed shopping patterns take many twists and turns.
This week, we’ll look at the latest insights on shopping trends and how they impact holiday forecasts and Predictions for 2023.
FOOT TRAFFIC INDEX
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
The truth about retail shrink
Retail theft has caught the attention of the masses in recent years, from startling smash-and-grab videos during the depths of the Covid pandemic to corporate earnings calls where retailers like Target and Foot Locker are discussing losses from organized retail crime more than they ever have.
Despite the increased media attention, the effect of theft on retailers’ bottom lines is about the same as it has been for years, according to the latest data released by NRF.
Retail shrink climbed in absolute dollars, but when reported as a percentage of sales as is commonly done, average annual shrink increased to 1.57%, up from 1.44% in 2021. The share is largely in line with past years. Average annual shrink was 1.62% of sales before the pandemic in 2019, though it was as low as 1.33% in 2017, according to previous surveys.
Click HERE to read more.
Consumer confidence tumbles
Despite over 449,000 jobs being added into the economy between June and August, consumer confidence took a major hit in September.
Consumer confidence index fell to 103 in September from 108.7 in August. The index is at its second-lowest level this year, landing just above May’s 102.5 reading, according to Conference Board data.
Analysts were expecting a smaller decrease, to a reading of 105. Confidence fell amung all age groups, but was most profound among consumers who make over $50,000 a year.
Click HERE to learn more about the current state of consumer confidence.