Shoppers Spend Less, Leaving Companies That Deliver Goods Empty for the Holidays
- Results from retailers show buyers wary of inflation, economy
- Surveys by Citi, Goldman find shoppers moving to in-store buys
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Companies that move and deliver goods are getting an early warning this week about a potential one-two punch that could hit hard this holiday season.
A deluge of retailer earnings reflected shoppers paring back spending as inflation soars and recession fear mounts. Meanwhile, consumer surveys by Citigroup Inc. and Goldman Sachs suggested that people increasingly want to spend their money in stores, which is bad news for parcel and last-mile delivery companies that benefitted from the online-shopping boom in the wake of the Covid pandemic.