It’s a rough world out there right now, to put it lightly. And the retail industry is seeing the effects. Inflation is at its highest level in nearly four decades, with average prices rising nearly 7%, although many individual categories, such as food and cars, have risen by much more. In the meantime, there is a juxtaposition in retail where steady and strong consumer demand for goods has run headlong into supply chain logjams. Rising inflation has also taken a toll on consumer confidence levels, which have dipped to the lowest levels in decades.
In the meantime, Americans’ credit card debt rose during the last quarter by $17 billion, a side effect of the fact that over half — 57% — of U.S. consumers live paycheck-to-paycheck and borrow funds to make ends meet. Read more at PYMNTS.