Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: Looking toward late 2022/early 2023, what do you think American consumers will prioritize with regards to their retail/restaurant/entertainment preferences, and why?
Anjee Solanki, National Director, Retail Services, Colliers
Americans are ditching wants for needs, pulling back on specialty spending and looking for a way to make their dollar go further. Consumers will look to early holiday shopping to save money with retailers who are continuing to mark down prices on excess inventory, including potential discounting on Amazon by third-party sellers. By 2025, we estimate that over 30% of all digital transactions will be fulfilled by a physical location, whether from curbside or in-store collection.
Food costs have been the hardest hit category. The food at home index soared 13.1% in the past year, the largest yearly increase since the period ending in March 1979. Eating out continues to see growth, however. Restaurant sales have grown with dine-in, take-out and sales driven by online ordering and delivery. Although consumers are seeing the increased price of groceries, they also see eating out as a good option to socialize, try new or mainstay dishes, and not have to clean up.
