Though many retailers have suffered from the pullback in consumer spending, some have come out swinging, particularly in the grocery category.
Discount retailers like Dollar General and Dollar Tree have seen an influx of consumers who are looking to get more bang for their grocery buck. Walmart, too, reports that nearly 75% of its grocery share in the third quarter came from households making more than $100,000 annually.
October and beyond: Cautious optimism
While still high, inflation has begun to level out, but consumers are still holding tight onto their wallets as we enter the holiday season.
When asked how inflation will impact holiday shopping plans, a third of consumers said that it wouldn’t change anything, according to TransUnion. For those that are adjusting their spending, most plan to buy fewer gifts with less money, though more practical gifts and cheaper versions of gifts are also ways shoppers will keep costs down.
Recession fears persist among many financial analysts and consumers alike. Even if inflation eases, how long will it take for consumer spending to return to somewhat normal levels?
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