Early results from this year’s holiday shopping season reportedly suggest that consumers are waiting for deals before buying.
Shoppers are focused on promotions and are frequenting some but not all value retailers, the Wall Street Journal (WSJ) reported Friday (Nov. 29).
Comments during recent earnings calls highlighted the importance of deals, according to the report. Best Buy said it saw lower demand from consumers between its sales events, while Target reported that the week before and the week after its Target Circle Week sales event saw sales dip more than usual.
Among value retailers, Walmart and T.J. Maxx parent company TJX Companies reported strong results, the report said. Ross Stores and Burlington Stores, on the other hand, reported slower growth, with both citing the impact of warmer weather. Another value retailer, Kohl’s reported a 9.3% decline in comparable sales, saying that one reason for the drop was its inventory of value-priced private-label products being too low.
Retailers focused on high-income consumers and exciting products did well during the most recent quarter, per the report. Macy’s said its high-end chain Bloomingdale’s did better than its Macy’s stores; Nordstrom reported healthy comparable sales growth; Gap saw its namesake brand and its Athleta brand gain in comparable sales as the company works on its transformation; and Dick’s Sporting Goods reported healthy growth that analysts attributed to “on-trend products and compelling store presentation,” the report said.
The report found that consumers living paycheck to paycheck with difficulties are more likely to leverage sales out of necessity, while financially stable consumers are more selective.
As Black Friday neared, The Conference Board said Tuesday (Nov. 26) that its Consumer Confidence Index found that consumers were more positive than they have been in months. The November report came in at 111.7, a figure that is up more than two points from the previous month and at the top of the range recorded over the past two years.
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