In the first seven weeks of the back-to-school shopping season, US non-school-related general merchandise sales revenue grew 4 per cent, while school spending fell short of last year’s results.
About 41 per cent of back-to-school shopping hold-outs are waiting for sales, according to The NPD Group, which recently merged with Information Resources, Inc. (IRI) to create a leading global technology, analytics and data provider. Rising prices and consumers shopping for more immediate needs has disrupted early back-to-school shopping season performance.
“Consumers are balancing their return to school, work, and social activities, while retaining some pandemic-related behaviours, and prioritising their purchases accordingly,” said Marshal Cohen, chief retail industry advisor for NPD. “Consumers have been more focused on travel and social activities this summer, pushing the 2022 back-to-school shopping peak later. This is another example of here-and-now shopping leading to shallower retail spending peaks, with sales realised over a longer stretch of time.”
“Consumers are still spending on summer fun, and the back-to-school focus has yet to kick into high gear – but it will,” Cohen said. “While retailers have clearly begun to use promotions to drive more sales, marketers need to continue entice the acceleration of back-to-school purchasing in general, and create some urgency for apparel, technology, and other high-volume stragglers.”
Fibre2Fashion News Desk (KD)