And those who currently are saving at least a little money largely plan to keep saving rather than spending in the near term.
This dampened discretionary spending is not exactly a news flash for most retailers, is it?
However, we think there is an important aspect not be overlooked:
- The shoppers are by and large behaving like grown ups!
Refreshing, isn't it? Reassuring even.
This IS an appropriate time to just be keeping your options open.
Indeed, these shoppers likely are looking ahead to Holiday, when they will be willing to spend on others.
Meanwhile, the Gallup/Franklin Templeton folks conclude "a majority of Americans plan to moderate their overall spending."
Inventory buyers would be well advised to do the same!
* Paul Berg and Megan Brenan, Americans Favor Saving Over Spending. Gallup News, September 9, 2020.