A widening difference between high and low earners will continue to impact the holiday shopping season, according to a new analysis from JLL.
Retail shoppers are in a significantly different position than a year ago, with GDP declining 1.6% and 0.6% in the first and second quarters, respectively. Consumer confidence is down, with Americans spending 25.6% more on gas and 11.4% more on buying groceries than they did a year ago.
"There has been considerable trepidation in consumer outlook and a shifting of spending away from durable goods," JLL analysts note in a new report. "Retail sales have managed to stay afloat, rising nominally most months this year, and slightly eking out the effects of inflation with 9.1% year-over-year growth in August."
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