Retailers launch holiday discounts earlier as shorter season forces scramble

Retailers are launching seasonal sales earlier this year and adding more promotions as they scramble in a shorter-than-usual holiday shopping period and grapple with skittish consumers in the middle of the US elections.The retail industry is expected to see less of a boost in holiday spending this year than it did last year, pushing companies like Macy’s, Lululemon Athletica, Skechers and Academy Sports & Outdoors to take counteractive measures, according to The Wall Street Journal.Spending in November and December will likely increase between 2.5% and 3.5% for a total between $979.5 billion and $989 billion, according to a forecast from the National Retail Federation.That growth is down from a 3.9% increase last year and a 4.7% boost in 2022, according to the NRF.Cash-strapped consumers have grown increasingly hesitant ahead of the presidential election.

Consumer confidence fell unexpectedly in October, according to the University of Michigan’s index of consumer sentiment. That hesitancy coupled with a shorter-than-usual holiday period – with five fewer shopping days between Thanksgiving and Christmas – poses a new threat to struggling retailers.“The number of days is lower, so the importance on those days is greater,” Chuck Grom, a senior retail analyst at Gordon Haskett, told the Journal.Shoppers plan to seek deals this year, with 62% of Americans saying they anticipate feeling financial strain this holiday season, according to a Bank of America survey. Nearly six in 10 survey participants said they plan to do more of their winter shopping at discount stores than they did last year.So Academy Sports & Outdoors is offering sales earlier this year, in November, to maximize the number of holiday shopping days, Academy Chief Financial Officer Carl Ford told the Journal.The move is an attempt to cater to the company’s largely middle-income consumer base, who are increasingly using credit cards or buy now, pay later options at the check-out, Fo...