Inflation continues to be a widespread concern for businesses and consumers alike. According to an October 2022 survey by Deloitte, over 70% of consumers said they’re concerned about the rising costs of everyday purchases.
And as prices continue to increase, we can expect shoppers to shift their buying behaviors. Industry data shows that people’s budgets will be more focused on essential items like gas and groceries; so if you’re a specialty retailer (e.g., electronics, sporting goods and homegoods retail) you could find yourself at a disadvantage in 2023.