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As Confidence Drops, Consumers Are Also Showing Constraint

Greg Petro, chief executive officer of First Insight Inc., told WWD that data is pointing to “spending restraint” in the future — and it follows a pattern he’s not seen since right before the Great Recession. Petro said during that time, women shoppers were in tune with changes in market conditions, and had suggested concerns regarding future spending right before the bubble burst. Now, amid disruptions across the entire supply chain, he’s seeing the same trends again. “What’s concerning to me is when you look at the stats and numbers of COVID-19 breakouts across the United States and the death mortality rate as well as the number of vaccinated people along with those that have gotten COVID-19, it’s all generally pointing in the right direction [compared to early pandemic numbers]. So why is she so concerned? Why are consumers concerned about shopping and going out and doing things?” Petro said. Petro believes female shoppers are better connected to their social networks. And when they show constraint, it’s best to listen, he said. Although retail sales jumped 0.7 percent from July to August, consumer confidence is trending down. In August, the Conference Board said the Consumer Confidence Index fell to its lowest level since February.

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