Summary
In January, US inflation hit its highest point since 1982 causing prices to rise 7.9% from 2021. Overall spending is still up year-over-year, but consumer confidence is at it’s lowest level since April 2020. Americans across all incomes say they’re cutting back. In a recent goTRG survey, Gen X, Millennials, and Gen Z shoppers said they plan to focus on in-store sales and online deals on the secondary market. While they tighten their budgets, shoppers also told us they plan to prioritize convenience in every aspect of the experience from purchase to returns.
As a result, retailers will have to pay attention to shopper demands to continue earning invaluable loyalty.
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