Months of discounting leading into the holiday shopping season could take the punch out of Black Friday and Cyber Monday this year.
The inflation that's hitting supermarket shelves isn't as stark online, according to Adobe. That's largely because fuel and grocery sales, which have seen some of the biggest price hikes, are usually purchased in person.
Still, inflation is affecting online buying habits. On Amazon's Prime Day in July, consumers opted more for necessities such as dishwasher pods and diapers, and away fromThe pullback in spending is likely to carry over into the holidays. A survey from KPMG found that 85% of holiday shoppers are concerned about inflation, and that 34% will opt for cheaper gift categories.
"Consumers will be looking for promotions this holiday season, and retailers should be looking to respond by having desirable gifts for the budget conscious consumer," said Matt Kramer, head of KPMG's consumer and retail sector. Adobe expects retailers to try to entice gift purchases this season with deep discounts, especially in technology and toys, where it forecasts prices will be marked down over 20%. But even if those discounts lure shoppers, the price cuts will curb companies' profits.
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