NEW YORK, Nov 25 — Retailers unveiled a trove of fresh seasonal promotions today, as they try to coax sales from reticent shoppers whose holiday cheer has been tempered by inflation and worries over a softening economy.
A year ago, retailers faced product shortfalls in the wake of shipping backlogs and factory closures related to Covid-19. To avert a repeat, the industry front-loaded its holiday imports this year, leaving it vulnerable to oversupply at a time when consumers are cutting back. Online shoppers spent US$5.3 billion on Thanksgiving Day itself, according to an Adobe report early Friday, up 2.9 per cent from a year ago.
Adobe has forecast an overall holiday sales increase of 2.5 per cent, less than a third of the level from last year. Besides inflation, Adobe cited higher Federal Reserve interest rates and an uptick in brick-and-mortar shopping as factors. US shoppers have remained resilient throughout the pandemic, often spending more than expected even when consumer sentiment surveys suggest they are in a gloomy mood.
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