Retailers are wary the forecasted drop in spending for Father’s Day is indicative of a low-spend Christmas period as consumers tighten their wallets amid inflationary pressures.
National Retail Association Chief Executive Dominique Lamb said consumer spending during this season is vital to strengthen the economy.
“What we are seeing is a change in consumer preferences, influenced by a myriad of social and economic trends, starting to alter how we approach gift-purchasing.
“Consumers are tightening their wallets to combat the rising cost of living, but those who are in a position to spend money on gifts are looking for greater value for money and a minimised environmental impact from their purchases.”
“These consumers are price-conscious and actively seeking discounts, as well as shopping early to avoid any supply chain disruptions.”
Ms. Lamb said consumers plan to do a mix of online and in-store shopping.
“Omnichannel shopping is here to stay which presents an opportunity for retailers to use data responsibly to enhance the shopping experience through personalisation.”
“With an uncertain economic outlook, getting the holiday seasons right is even more important for retailers.”
The National Retail Association is the voice of modern retail, representing more the 60,000 shopfronts nationwide. It has been serving businesses in the retail and fast food sectors for close to 100 years.
For more information contact the NRA’s media unit on 0467 792 013 or 07 3221 9222.