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Inflation has an impact on nearly every aspect of the economy, including raw material costs, wages, transportation, and, ultimately, the prices consumers pay for goods and services. Rising costs and shifts in consumer behaviors have a significant impact on the retail industry.
BTS purchases certainly are starting earlier: according to the National Retail Federation (NRF) survey conducted by Prosper Insights & Analytics, more than half ( 55% ) of consumers already had started buying school items in July. If [consumers] see [a BTS item] as more of a ‘want’ than a ‘need,’ that would put more pressure on retailers.”
Look towards technology to give you that additional edge such as opening an online store and dropshipping. Usually, when a recession hits, home prices drop opening up opportunities to invest in properties. Because consumers’ spending decreases you will need to tweak your product or service.
Retail sales in November in the United States declined by 0.6% , the greatest drop in close to a year. “A But consumers had other ideas, it turns out they enjoy shopping in stores more than many realized and in categories like clothing the share of online sales now are lower than before the pandemic. Consumer priorities.
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