Americans are out there spending money again. Car sales in the most recent stats for August were approaching record territory. People are taking vacations. The number of miles traveled is up. People are doing renovations on homes again too.
What are they not doing? Traditional retail shopping. Retailers are reporting miserable sales numbers with few exceptions. The whole ‘shop ’til you drop’ thing is over.
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Lack of retail shopping means deals are coming
Millennials will say, ‘Well, it’s because I buy everything online.’ Yet the reality is online sales still represents a tiny piece of the whole retail pie.
The real change is that people don’t value stuff like they used to. I think people would rather have experiences than have stuff.
That’s why you see so many entertainment emporiums popping up with a bunch of things to do like bowling and other activities under one roof. You see it too in the luxury golf driving ranges that are opening up around the country with semi-gourmet food and temperature-controlled areas for socializing when people are not hitting.
So there’s a new premium put on experiences of all kinds rather than getting the latest thing in the retail store. That means retailers who ordered early for Christmas on the anticipation that retail sales would grow along with overall economy are in for a surprise.
If you are into getting bargains on stuff, this is going to be a very promotional fall, as they say in the lingo of the trade. Retailers will have to discount to meet sales targets…and you’ll get the benefit of that.
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For more money-saving advice for your wallet, see our Shopping & Retail section!