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If you noticed that your nearest outlet mall was full of holiday seasonThis was not an accidental incident.
Stephen Yalof, CEO of Tanger Outlets, which operates 39 outlet malls across the country, told CNBC Money Movers on Tuesday that, while consumers are Attention about the future of economyYet they spent at a healthy rate this holiday season.
“I think the customer is very flexible,” he said. “They’re looking to spend.”
yellow spirit matches retail Sales figures over the past two months, as well as cereal giant General Mills’ recent earnings call.
New one report The report published Wednesday by payments network Visa said holiday spending increased 4.2% this year, with in-store sales driving nearly 75 percent of consumer spending. Online sales rose 7.8 percent year-over-year and electronics, the top leisure category among buyers, rose 5.8 percent.
Shoppers took advantage of tools like artificial intelligence to get the most for their money, Wayne Best, Visa’s chief economist, said in a statement.
“This season also marks a turning point in which artificial intelligence is dictating how people discover products, compare prices and interact with offers,” Best said. “This has led to more informed, more intentional consumers, ensuring they can increase their discretionary spending.”
Consumers are willing to spend when they get the right price. General Mills noticed the trend During its recent third quarter earnings call. Shoppers making less than $100,000 are facing financial weakness, but they are buying more when they find good discounts, Jeff Simon, vice president of investor relations and corporate finance, said during the call.
Yalof said retailers are noticing consumers’ tendency to spend more when prices on items are cut and are taking action.
“Retailers are offering discounts to cater to the consumer, and consumers are responding by making purchases,” he told Money Movers.
There is a segment of consumers who are willing to pay full price for an item – or slightly more than they planned to spend – if they know that a store’s non-discounted price is competitive.
,[They’re] They want to come to a place where they can buy the product at full price, maybe above the price point they want to spend, but they can accept that price point because they know it’s value-priced every day,” Yalof told CNBC.