Forbes on Nostr: Consumers Are A Mess And Retailers Are Noticing ========== Consumers seem to be ...
Consumers Are A Mess And Retailers Are Noticing
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Consumers seem to be running out of money, but it hasn't stopped them from spending. Retail economic indicators show a mixed picture, with some countries experiencing growth in retail sales while others see declines. Inflation rates vary across countries, with food prices remaining stubbornly impacted by inflation in India. Consumer confidence in the US rose in May, and retail sales in the UK grew at their highest rate since December 2022. Retailers are starting to cut prices in response to consumer weariness over high prices and consumer backlash. Brand reputations have fallen, with consumers citing high prices as a reason for the decline in trust. AI is being adopted in the fashion industry, particularly in the form of shopping assistant bots. Retail winners include retailers that are cutting prices and fashion rental businesses. Retail losers include grocery delivery services and brands that have experienced a decline in reputation. Meijer and Amazon have made advancements in smaller format grocery stores and drone delivery, respectively. Hallmark is creating an immersive Christmas experience to bring its movies to life. The pace of change in AI is fast, and retailers need to ensure their bots are built on foundational models that can keep up. Store innovations are focused on smaller format grocery stores and creating synergy between content channels for experiential retail.
#ConsumerSpending #Retail #EconomicIndicators #Inflation #ConsumerConfidence #RetailSales #BrandReputation #Ai #FashionIndustry #GroceryStores #DroneDelivery #ChristmasExperience
https://www.forbes.com/sites/nikkibaird/2024/06/09/consumers-are-a-mess-and-retailers-are-noticing/
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Consumers seem to be running out of money, but it hasn't stopped them from spending. Retail economic indicators show a mixed picture, with some countries experiencing growth in retail sales while others see declines. Inflation rates vary across countries, with food prices remaining stubbornly impacted by inflation in India. Consumer confidence in the US rose in May, and retail sales in the UK grew at their highest rate since December 2022. Retailers are starting to cut prices in response to consumer weariness over high prices and consumer backlash. Brand reputations have fallen, with consumers citing high prices as a reason for the decline in trust. AI is being adopted in the fashion industry, particularly in the form of shopping assistant bots. Retail winners include retailers that are cutting prices and fashion rental businesses. Retail losers include grocery delivery services and brands that have experienced a decline in reputation. Meijer and Amazon have made advancements in smaller format grocery stores and drone delivery, respectively. Hallmark is creating an immersive Christmas experience to bring its movies to life. The pace of change in AI is fast, and retailers need to ensure their bots are built on foundational models that can keep up. Store innovations are focused on smaller format grocery stores and creating synergy between content channels for experiential retail.
#ConsumerSpending #Retail #EconomicIndicators #Inflation #ConsumerConfidence #RetailSales #BrandReputation #Ai #FashionIndustry #GroceryStores #DroneDelivery #ChristmasExperience
https://www.forbes.com/sites/nikkibaird/2024/06/09/consumers-are-a-mess-and-retailers-are-noticing/