Roughly 71 percent of respondents in a recent survey conducted by CNBC say they are concerned about customers cutting back on holiday spending this year, despite recent national monthly retail sales being stronger than anticipated.
Retailers are reportedly ordering less stock for the holiday season, and two-thirds of respondents (67 percent) in the CNBC Supply Chain Survey said they’re expecting shoppers to be on the lookout for discounts this year.
Because of this, roughly 77 percent of items being ordered by retailers to sell in store are middle price-point items while luxury/high-end items (memorabilia, electronics and apparel) only represent 17 percent of orders.
VP of Supply Chain and Customs Policy at the National Retail Federation (Washington, D.C.) says the results of the survey proves the continuing challenges and stress for retailers and other businesses while dealing with current supply chain issues.
“Retailers are constantly working to ensure they have the right inventory mix to meet consumer demands, especially as we enter the peak shipping season for the holidays,” he says. “The ongoing challenges with the West Coast port labor negotiations and associated disruptions have certainly impacted some supply chain decisions. Many shippers have shifted cargo away from the West Coast and may decide to permanently shift away, even after the tentative deal is finalized.”
The CNBC Supply Chain Survey was conducted May 24-June 11 among 147 respondents, including the National Retail Federation (NRF), The American Footwear and Apparel Association, the United National Consumer Suppliers and the Council of Supply Chain Management Professionals.
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97 Years of Family History, One Right Decision: How Malloves Jewelers Found the Right Partner to Close with Grace
Marc Levin’s grandfather Max founded Malloves Jewelers in Middletown, CT, in 1928. Nearly a century later, Marc — the third-generation owner — knew it was time to retire. He’d watched friends and fellow jewelers navigate store closings with Wilkerson’s help, and their recommendations were hard to ignore. Once he connected with the Wilkerson team, the decision was clear. “They made me feel like family,” he says. Wilkerson’s team handled every detail day by day, kept Marc informed every step of the way and delivered results that met and exceeded his financial goals. Watch Marc share the story of Malloves Jewelers’ final chapter — and why he slept soundly through all of it.
