Retail Sales Growth Sluggish in August as Consumers Fight to Keep Up With Inflation
September 16, 2022
Consumers picked up their spending last month as gas prices fell, and back-to-school shopping began. August retail sales rose by 0.3%, which is relatively unchanged compared to a year ago, but better than economists expected. Retailers are scrambling to prepare for the holiday shopping season, with many companies citing issues offloading old inventory. Bryan Eshelman, Managing Director at AlixPartners, breaks down the August spending data and forecasts holiday sales growth amid higher inflation.