The Whitman School of Management announced the appointment of two new associate deans, effective Feb. 1. Professor Joe Comprix has been named associate dean for faculty affairs and Professor Willie Reddic has been named associate dean for business education. In…
2022 Holiday Retail Expectations
While the Black Friday 2022 shopping event is still a week away, holiday deals and sales promotions have already been underway for weeks at some of the nation’s largest retailers.
Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management.
He predicts holiday sales growth (November – December) will be up 6 to 8% this year. He points to several positive signs for growth including expectations that consumers will spend more this year, increased hourly wages and low unemployment numbers. But he says there are some factors pushing against that growth including high inflation, drops in disposable income, and higher energy costs and interest rates.
He provides additional expectations below, which you are welcome to quote. He is also available for interviews.
Professor Wimer says:
“Holiday shopping started in early October with Amazon’s Prime Day. Target and Walmart sales, as well as others, have offered early discounts and sale days. Many retailers are still dealing with too much inventory from delayed orders and/or softening consumer demand over the summer and fall. Retailers are also trying to slow down the ever-increasing flow of returns. Retailers are shortening the return window, charging for online returns and giving refunds as store credit.
“The value holiday shopper maybe rewarded this year as the inventory issues have led to retailers discounting earlier (note not in all categories). Promotions will be at the same level or higher than last year. The consumer must be willing to compare prices to get the best deal. The consumer will also want to understand updated return policies, especially if purchased online.”
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