Part 7/8:
Shifts in U.S. Holiday Spending and Retail Strategies
As the holiday season approaches, Americans are tightening their purse strings amid economic uncertainties. A recent survey by Price Waterhouse Coopers indicates that seasonal spending is projected to decline by approximately 5% compared to last year, marking the first such drop since 2020.
Leading the cutback is JCPenney, which plans to reduce its holiday budget by nearly 25%. Retailers are adapting to this new landscape by shifting their focus from traditional product-driven promotions to offering more experiential and service-based options.
This pivot aims to engage younger shoppers who prioritize experiences over material possessions, reflecting broader changes in consumer preferences and economic realities.