11/21/2023 0 Comments Best casinos in wisconsinPeople are spending more on experiences like Taylor Swift and Beyoncé concerts - a phenomenon she called “funflation.”īut with tightened budgets, that leaves retailers in unenviable positions to compete for limited dollars.Ĭonsumers told consulting company Accenture in a holiday shopping survey that they are cutting back on giving gifts and putting up holiday lights, and are even planning to cook less elaborate meals. That’s not to say that consumers aren’t spending money, Barry said. Everyone has just been making as much as possible or pulling back as hard as possible.” “By the way, we also haven’t had innovation in electronics for the better part of three and a half years really. “Our business, discretionary consumer electronics, you have to go all the way down the funnel, is very challenged right now,” Best Buy CEO Corie Barry said in September at an Economic Club of Minnesota fireside chat with Minneapolis Federal Reserve President Neel Kashkari. Target posted this summer its first comparable sales dip since the spring of 2017 and Best Buy had its seventh consecutive quarter of sales declines. And Target and Best Buy are coming into the season with weaker results.
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