Shoppers bought less electronics, furniture and some types of clothing compared to a year ago, according to NPD Group.
, according to data firm Sensormatic Solutions. So far, shopper visits to many retail segments, including apparel and electronics, are down year-over-year, according to foot-traffic data from Placer.AI.
Among the losers so far are fast-fashion retailer H&M, which waited too long to raise prices, and department stores including Kohl’s and Best Buy, which saw dramatic declines in foot traffic of at least 15%, according to Placer.AI.Many stores dangled discounts earlier in the season to lure inflation-weary consumers and clear out inventory.
Ulta “is proving itself as not only one of the more resilient names in beauty, but a name with strong momentum,” said Korinne Wolfmeyer, Piper Sandler analyst.
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