Major retailers have been forced to adjust as uncertainty and changes in consumer shopping habits are molded by the country’s soaring inflation and emergence from pandemic-era restrictions.
Target recently announced it is slashing prices on specific items and predicting worse short-term profits as inflation swirls and demand for various goods changes. That comes after the retailer reported lower-than-anticipated profits just weeks earlier.
“As people are returning to work all of a sudden, those things that retailers had been stocking up on are suddenly less in demand, and people are buying suits and dresses,” Mathews told the Washington Examiner. “So it’s not so much that we’re seeing a reduction in demand — we’re seeing a shift in demand.”
Mathews said a lot of that translated into retail demand, which put a great deal of stress on global supply chains. “Consumers changed their buying patterns so much during the pandemic — they bought more electronics for at home, they bought more appliances at home, they bought more casual clothes,” Claar said. “I think retailers now are sort of struggling to figure out what the right inventory mix is now.”
China’s coronavirus lockdown policies are also having a dramatic effect on the retail space. China has a zero-COVID-19 policy, which entails the imposition of strict mitigation measures that include isolating individual cases, a sharp contrast to Western countries that have focused on mass vaccination and masking.
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