LAS VEGAS (KLAS) — Consumer behavior has constantly been changing, especially during the COVID-19 pandemic and amid inflation.
Despite recent spending challenges for many shoppers, retail expert Deborah Weinswig said this holiday season is the year of the consumer.
In 2022, we’ve seen some of the top forces shaping our day-to-day lives are the current economic climate and retailers working harder to entice consumers.
“The consumer has unprecedented power this holiday season,” Weinswig said.
Weinswig is the CEO and founder of Coresight Research. She helps corporations understand global retail and emerging technology trends, and since the pandemic, more businesses have sought this type of research.
“What we’re seeing for the first time ever in my career is a lot of experimentation by retailers and brands, trying a lot of new things… the consumer is going to be the winner,” she said.
Retail traffic is up year over year compared to 2019 as consumers have returned to brick-and-mortar shops. Weinswig said this year, retailers are “price beating” rather than just price matching. Sometimes, they’re offering reductions to customers in-store when asked.
Inventory that was trapped in factories and containers has all slid into the retail ecosystem, which means that you have a lot of inventory from all seasons to choose from.
Holiday deals started earlier than ever before in October this year. Retailers are also offering new ways to shop, with live streaming and using their store associates to engage with the product and the brand.
There is also a big push for previously loved merchandise this year.
“We’re seeing a big movement in more refurbed, consumer electronics,” Weinswig said.
In 2020 and 2021, there was a huge uptick in demand for furniture and exercise equipment, creating a lot of excess inventory on everything that was ordered, so you should expect some good deals on those items.