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While the economy has not yet fallen into recession, a consumer recession is already here with a pullback in spending, especially for discretionary purchases.
Retail and food services sales were ahead of last year by 1.6%, showing that while many economic indicators suggest a slowdown in spending, consumers keep purchasing.
Recreational spending in Connecticut has vaulted past other major categories in which people use plastic as people itch to get out.
What do retail brands need to do to secure future growth and avoid going down in the history books as the once greats?
The US retail sector is being urged to ramp up its focus on the omnichannel experience in response to consumer demand for convenience.