(KNSI) — It’s only September, but retailers are already gearing up for Christmas.
Retail sales professor Venky Shankar is predicting the dollar figure to be OK, but overall will be muted due to adjusting for inflation. “The most recent dip in inflation is only from 8.5 [percent] to 8.3 [percent].”
He says a new survey shows people are spending more on necessities like gas and groceries and have less disposable income for gifts, and “it’s hitting the people that are really on the lower end the most. Fifty percent of people in the survey indicated that they might cut down.”
Electronics and tech sales are also expected to be slower this year due to the ongoing chip shortage.
Walmart is hiring 40,000 seasonal workers for 2022, about a quarter of the hiring they did last year.
Target says they will hire up to 100,000 seasonal team members this year, similar to last year.
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