New survey shows majority of U.S. retailers and manufacturers predict strong 2023 holiday season
IRVINE, Calif., Nov. 15, 2023 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) today unveiled the findings from its Q3 Advantage Outlook, a quarterly survey fielded in October 2023 that includes responses from senior-level executives at more than 60 consumer goods manufacturers and more than 30 grocery retailers across the U.S.
According to the report, more than half of manufacturers and retailers are anticipating growth in the 2023 holiday season. Forty-eight percent of both retailers and manufacturers say they expect 1–5% unit volume sales growth compared to last year, mostly driven by consumer demand and product availability. A 1% increase in unit volume translates to an incremental $2.5 billion in sales, not taking into consideration the effect of pricing changes from 2022.
With another quarter marked by the continued impact of inflation, the survey results also revealed that retailers are increasing their focus on private brands, value-priced products, and promotions as a strategy to address the ongoing challenges. Manufacturers, meanwhile, are targeting the trend of in- and at-home indulgence, which is fueled by shoppers opting to treat themselves at home instead of spending on big-ticket items.
In addition to inflationary challenges, theft persists as a growing challenge for retailers, with many continuing to search for alternative methods to curb in-store theft.
“While inflation continues to be top of mind for shoppers, our report found that retailers and manufacturers are still expecting a busy holiday season,” said Jill Blanchard, president of enterprise client solutions for Advantage Solutions. “However, while they are expecting to be busy in he coming months, retailers are continuing to search for new and innovative ways to combat other retail challenges such as theft.”
Additional findings from the Q3 Advantage Outlook include:
About Advantage Outlook
To access the complete findings and methodology, please visit advantagesolutions.net.
About Advantage Solutions
Making the Future of Work Safe and Secure
Keynote Presentation by Genesys: Goodbye, NPS. Hello, People-centric, End-to-End Experience Benchmarking!
Keynote Presentation by Avaya