Retailers Brace for Tough 2023 as Shoppers Pull Back on Spending
- Retailers face weak consumer demand and increased costs like higher wages in 2023
- Shoppers are spending less due to high mortgage, rental, and living costs
- Sales have been slow, especially in clothing, with discounts already underway
- Any post-Christmas rebound in spending expected to be small and short-lived
- Particular weakness seen in big ticket/luxury purchases and some regions harder hit