Despite inflationary headwinds, January retail sales show the resiliency of consumers in how they manage their budgets and make decisions on how, when and where to spend their hard-earned dollars, said NRF President and CEO Matthew Shay.
It is possible to sidestep a recession, but when the economy slows it becomes very fragile and the risk rises significantly, said National Retail Federation Chief Economist Jack Kleinhenz.
All the news shows there’s a slowdown in the residential sector, but speaking to industry leaders—retail, distribution and manufacturing—tells me that getting serious about strategy might make it all okay.
Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022.
The company said a year-over-year decrease in comparable store sales reflects continued lower spending by consumers due to pressure from inflation and higher interest rates and consumer preference to spend more on travel and entertainment.
The company reported that sales grew in all segments, with top-line results benefiting from price increases, enhanced product mix, improvements in commercial and contributions from small acquisitions.
