With the arrival of the all-important holiday shopping season, retailers are not just competing with one another to attract customers. They are also competing against the clock.
For now, Americans are spending, buoyed by pandemic-era savings and a red-hot labor market. But at the same time, prices are climbing at the fastest pace in decades and the Federal Reserve is attempting to rein them in by raising interest rates. That effort to curb demand by making borrowing more expensive is, in turn, making consumers pessimistic about the economy. And a recession is a distinct possibility.
More broadly, retail sales during the holiday shopping period could provide clues about the trajectory of the economy in the weeks and months to come. Meanwhile, credit card balances in the third quarter swelled 15% compared with a year earlier, according to the Federal Reserve Bank of New York. That was the largest increase in more than two decades, as consumers increasingly rely on credit even as borrowing costs are rising.
At J.C. Penney, stores returned to 5 a.m. doorbusters on Black Friday, promoting the “pre-inflation pricing” for items such as Instant Pots, hair flat irons and coats. Kohl’s is “really making sure that the offers that we’re putting in are meaningful to the customer to drive their behavior,” Timm said.
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