Sales See First Positive Year Over Year Since Week 3 of July
Sales increased 1.43% over the prior year for week ending September 15, 2018, with customer counts registering a positive 0.83% increase. With the economy firing on all cylinders, consumer’s confidence is up! There are some headwinds for consumers, including year over year gas price increases of 20%, and rising interest rates, which will impact those with variable rate mortgages and credit card debt. However, with the strong economy, this may help move dollars from restaurants (Food away from home) to the grocery store as consumers try to offset those increased costs.
With foot traffic up over the prior year for the recent weeks, retailers will need to continue to focus on enticing customers to increase their basket sizes or online order sizes.