Retail sales data, consumer surveys and quarterly earnings reports from some of the nation's largest chains released this week suggest a more subdued holiday shopping season than in 2021, when Americans were shaking off their pandemic stupor.
This time last year, Alexis Taub's direct-to-consumer jewelry business was flooded with orders for tennis bracelets and tennis necklaces.
"People are so price-conscious now," said Taub, 29, who owns Alexis Jae Jewelry in Westchester, just north of New York City. "Our volume is actually up even though the average order value is down." And while stores are giving these savvier shoppers what they want, like earlier sales and more markdowns, he said, the catch is that "it is actually eroding their margins."This was reflected in the latest federal data. On Wednesday, the Census Bureau reported that retail sales surged 1.3 percent in October - though much of that spending went to necessities such as gas and food.
But now, even more-affluent shoppers are feeling the strain and making more modest choices. A recent consumer sentiment survey from Alvarez & Marsal showed that 45 percent of consumers earning $150,000 or more are concerned that products have become too expensive. That's a 10 percentage-point increase since the spring.
"One of the reasons that they are good at growing is because they are a value player," he said. "They are getting customers who are trading down from other parts of the market."
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