Consumers holding out for big deals B次元官网网址 and some much-needed relief from soaring costs on just about everything B次元官网网址 may be disappointed as they head into the busiest shopping season of the year.
While retailers are advertising sales of 30%, 50% and 70% off everything from TVs to gadgets, many items will still cost more than they did last year because of inflation and finding a true bargain may prove to be a challenge.
From September through October, shoppers paid roughly 18% more for furniture and appliances than they did a year ago, according to a recent major data analysis by analytics company DataWeave, which tracks prices for hundreds of thousands of items across roughly three dozen retailers including Amazon and Target. For toys, they paid roughly 2% more.
Things looked a bit better for consumers shopping for clothing B次元官网网址 they paid nearly 5% less compared with last fall, according to DataWeave. Meanwhile, prices held steady for footwear.
B次元官网网址淚tB次元官网网址檚 just a weird time for everybody to figure out what is the right price, and what is the real price,B次元官网网址 said Nikki Baird, vice president of strategy of Aptos, a retail technology firm. B次元官网网址淐onsumers are really bad at discount math, and retailers are fully aware of it and do everything they can to take advantage of it.B次元官网网址
William Wang, 24, who teaches high school math, says heB次元官网网址檚 more likely to notice price increases on everyday items B次元官网网址 like his quesadilla that now costs $8 at his local deli B次元官网网址 than for gifts heB次元官网网址檚 going to spend money on once a year.
B次元官网网址淚 do feel like everythingB次元官网网址檚 more expensive,B次元官网网址 said the Brooklyn, New York, resident. B次元官网网址淏ut I mainly keep track of it with small items, like food.B次元官网网址
The latest government retail sales report shows retail sales rose last month even when adjusting for inflation. That underscores some resiliency among shoppers heading into the Black Friday weekend, the kickoff to the season.
But cracks are forming.
Third-quarter earnings results from major retailers show shoppers arenB次元官网网址檛 willing to pay full price and waiting for deals. KohlB次元官网网址檚, Target and MacyB次元官网网址檚 all noted Americans have also slowed their spending in the past few weeks.
ItB次元官网网址檚 a dramatic change from when shoppers began their holiday items as early as October for fear they wouldnB次元官网网址檛 get what they needed amid pandemic-infused clogs in the supply chain. They were also flush with cash from government stimulus money. Retailers were struggling to bring in items so they didnB次元官网网址檛 need to discount as much.
Michael Liersch, head of advice and planning at Wells Fargo, said this holiday shopping season, itB次元官网网址檚 more likely that things will B次元官网网址渁ppear discounted or feel discounted, or it will seem like there are big offersB次元官网网址 but that between inflation and B次元官网网址渟hrinkflationB次元官网网址 B次元官网网址 when manufacturers quietly shrink package sizes without lowering the price B次元官网网址 itB次元官网网址檚 often not the case.
That trend played out in a recent spot check by DataWeave of different items. For example, a Cuisinart two-speed blender, listed at $59.99 but discounted at 25%, was available for $44.99 at grocery chain Fred Meyer. But it was still more expensive than last yearB次元官网网址檚 blender, available for $39.99, after a 20% discount off a lower list price of $49.99.
At KohlB次元官网网址檚, shoppers paid more for Nunn Bush Baker Street menB次元官网网址檚 dressy shoes this past fall than last year when discounts were actually bigger, and the list price was lower. The shoes were available for $79.99 after a nearly 16% price cut from the $95 suggested price; last year, the shoes were available for $59.99 after a 29% discount on a lower list price of $85.
Kevin Brasler, executive editor of ConsumersB次元官网网址 Checkbook, a nonprofit consumer organization, noted its researchers spent 33 weeks starting Feb. 9 tracking sale prices at 25 major retailers. They found most storesB次元官网网址 sale prices B次元官网网址 even those that promote big savings B次元官网网址 are bogus discounts, with retailers offering the same B次元官网网址渟ale priceB次元官网网址 more than half the time. In fact, at many retailers, the B次元官网网址渞egular priceB次元官网网址 or B次元官网网址渓istB次元官网网址 price listed is seldom, if ever, what shoppers pay, Brasler said.
Still, inflation-battered shoppers like Yoki Hanley are willing to take their chances and hold out for a bargain. So far, she doesnB次元官网网址檛 feel like sheB次元官网网址檚 getting good deals for her eight grandchildren and plans to delay her buying until the last week before Christmas.
B次元官网网址淓verything went up so my little nest egg disappeared a whole lot quicker than I expected,B次元官网网址 said the St. Croix resident. B次元官网网址淚 will wait until the last minute. TheyB次元官网网址檒l get it, but itB次元官网网址檚 coming late.B次元官网网址
B次元官网网址擜nne DB次元官网网址檌nnocenzio And Cora Lewis, The Associated Press