Economy
02 October 2022
The Week Ahead: Earnings from Levi's and Conagra, Jobs report
Here's a look at what's happening in ecommerce and retail from Oct. 3-7.
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Welcome to a new week, and a new quarter. For retail and ecommerce, it's the kickoff of the biggest three months of the year. The holidays are high time for shopping, bringing opportunities to end the calendar year strong, and forge relationships with new customers for the next one.
This week, Target is kicking off the season early with Deal Days, a discount event held online and in-store from Oct. 6-8.
Here’s a look at what else is coming up this week:
Industry events
DX3 USA: The Canada-born retail, marketing and technology event makes a US debut with a virtual event. Speakers include leaders from Amazon, Boxed, Indochino, Stitch Fix and more. Oct. 3-4
Signed, Sealed, Delivered: Insights into the 2022 Holiday Season: At a virtual event, journalists from Industry Dive covering retail, marketing and more offer perspective on the upcoming holiday season, supply chain disruptions, consumer spending and payment innovation. Oct. 6, 2-4:30 p.m.
Economic Indicators
Jobs are the focus of data being reported by the federal government this week. Following the Federal Reserve’s latest move to increase interest rates, economists will be looking for signs of any softening in what has been a historically tight market. When it comes to consumer spending, low unemployment is typically a positive indicator, since holding a job typically mean a person has more income to spend on goods.
- The Job Openings and Labor Turnover Survey (JOLTs) will provide a view of activity in the labor market for September. Tuesday, Oct. 4, 10 a.m.
- The monthly jobs report from the US Labor Department updates the number of new jobs lost and gained across the economy, as well as the unemployment rate for September. As of August, the unemployment rate stood at 3.7%, the highest since February. Friday, Oct. 7, 8:30 a.m.
- Consumer credit: The Federal Reserve will provide data on consumer credit and household debt for August. Friday, Oct. 7, 3 p.m.
Earnings
The following companies in retail, ecommerce and consumer goods will report quarterly earnings this week:
- Wednesday, Oct. 5: Helen of Troy (owner of Braun, Vicks and oXo)
- Thursday, Oct. 6: Levi Strauss, McCormick & Company, Conagra Brands (owner of Slim Jim, Duncan Hines, Reddi Whip), Constellation Brands (owner of Corona beer, Svedka Vodka).
- Friday, Oct. 7: Tilray Brands
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Father's Day spending expected to reach $23B, paced by ecommerce
Father's Day is expected to break records, according to NRF and Prosper Insights.
Photo by Tim Mossholder on Unsplash
Consumer spending is expected to break records this Father’s Day, according to new data.
A forecast from the National Retail Federation and Prosper Insights & Analytics shows the following:
Father’s Day spending is expected to total $22.9 billion.
That would be an increase above the $20 billion spent in 2022, and would break the record of $20.1 billion that was recorded in 2021.
Three-quarters of consumers are planning to celebrate Father’s Day this year.
Average spending per person is expected to reach $196.23. That’s up from $171.79 last year and above the record of $174.10 spent in 2021.
“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” said NRF President and CEO Matthew Shay, in a statement. “Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special.”
Here are a few more key data points from the forecast:
Ecommerce for dad: Online is the biggest shopping destination for Father’s Day gifts, as 43% of consumers are turning to ecommerce. That’s up from 40% last year. Meanwhile, 38% will shop at department stores, up from 34% in 2022.
In the box: The survey showed 42% of consumers are interested in giving a subscription box as a gift. That’s up from 37% last year, and amounts to the highest interest since NRF began tracking the gift option in 2019.
Top demographic: People in the 35-44 age group are the “big spenders,” said Prosper Executive Vice President of Strategy Phil Rist. They’re expected to outspend other consumers by $100. The 45-54 age group is expected to see the biggest increase, with $57.04 spent.
Top gifts include clothing (55% plan to buy), a special outing like dinner or brunch (52%), gift cards (48%) and personal care items (32%).
The gift of time together: Nearly one-third plan to give a gift of experience, such as tickets to a sporting event or concert. That’s up 25% from last year, and the highest share since NRF began asking the question in 2016.
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