With anxiety around the COVID virus on a downturn, shoppers were back to hitting the stores in person again earlier this year - until, of course, inflation hit a 40-year high this spring. Retail sales were less than expected in April and fell by 0.3% in May. As summer heats up and consumers grow anxious to return to leisure travel again, experts predict consumers will pull back on big-ticket retail items, like electronics, appliances, and clothing in order to afford rising gas and food costs. As prices increase with the temperatures, consumers will have to make some sacrifices and it looks like the retail industry may bear a lot of the brunt of impending customer spending cuts.
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For months, retailers and marketers convinced customers to start their holiday shopping early to avoid the stress of limited inventory – thanks to the highly reported supply chain delays. Black Friday and Cyber Monday became month-long events instead of the usual post-Thanksgiving whirlwind weekend of deep discounts. Early reports show a continued rise in spending, but with a slight slowdown in November due to this earlier start to the holiday rush.