To look at retail predictions made at the start of 2022 is to glance back, not just in time, but to another world. A world rendered largely obsolete by spiking energy prices, wider inflationary pressure, and political crises.
The sigh of relief that greeted the start of the year has been replaced with a sharp intake of breath. Polls going into the final quarter of 2022 show a significant drop in consumer sentiment across all demographics. Some countries register more negativity than during the pandemic.1.[1]
Retailers need to reassess what this means for the Christmas shopping season, traditionally one of the busiest times of the year. People are shopping earlier than ever before for Christmas gifts in the knowledge that their purchases will be noticeably more expensive by the end of December.
The desire to serve customers in the best way possible will not only show empathy and understanding of the current economic environment, but it also taps into the nature of Christmas shopping.
This guide shows how retailers can create a great customer experience to stay competitive this Christmas and beyond.
[1] https://www.pwc.co.uk/industries/retail-consumer/insights/consumer- sentiment-survey.html
Enjoy the read!
