It’s Tuesday, and more retail earnings are coming in hot: Best Buy, Dick’s Sporting Goods, Lowe’s, Kohl’s, and Nordstrom all reported today, to name a few.
This is the last glimpse we’ll get of how these companies fared before the make-it-or-break-it holiday quarter—we’ll keep an eye out for what they predict for the rest of the year.
In today’s edition:
—Andrew Adam Newman, Jeena Sharma
|
|
Fruit of the Loom
The Macy’s parade, the feast, the bowl games—Thanksgiving is a beloved American holiday.
Except when it isn’t.
Since it isn’t a Rockwell painting for everyone, two brands are taking an untraditional approach to the holiday this year.
Butterball, the turkey mainstay, is targeting Americans it found were not planning to celebrate Thanksgiving (or will be alone that day) and partnering with a friend-finding app to facilitate more Friendsgivings.
And for those who do celebrate with family, Fruit of the Loom is tackling awkward questions that relatives could pose on the holiday.
- The brand released a line of sweatshirts, the Conversation Stoppers Collection, emblazoned with phrases meant to preempt Aunt Gretchen being inquisitive as she’s passing the green bean casserole, with sayings like, “If I wanted to talk about my ex, we’d still be together.”
Both efforts are aimed at introducing the brands to a younger generation that’s either yet to form their own Thanksgiving traditions or improve their traditional ones.
Baste on a true story: Butterball—which accounts for about one in three turkeys served at Thanksgiving celebrations, according to the brand—conducts an annual survey in advance of the holiday, which found this year that 20% of Americans expected to be alone on Thanksgiving.
To explain how the brand responded to that finding, Kyle Lock, VP of marketing at Butterball, said it stems from developing a mission statement a couple of years ago.
What the company came up with was this: “We exist to help people pass love on,” Lock said. “We’re leaders in the turkey business, but ultimately, we’re in the business of togetherness.”
Butterball is partnering with Bumble For Friends (BFF), a stand-alone friend-finding app that spun off from the Bumble dating app this summer, in an effort it’s calling-slash-hashtagging #FindYourTable. On November 1, BFF added a “Friendsgiving” option to its group planning feature to help users coalesce to plan the gathering.
Fruit of what looms: Fruit of the Loom also is directing its marketing efforts to younger consumers who are participating in traditional family gatherings, and the onslaught of questions from relatives and family friends who can’t seem to find the off switch.
Keep reading here.—AAN
|
|
Psst! You know what’s just around the holly-jolly corner, right? (Of course you do—Black Friday and Cyber Monday.) So how are consumers thinking about spending this season, given the economic headwinds?
No need to take your best guess. Klaviyo surveyed 3k US consumers to understand how they plan to shop this year.
This consumer research report will also help e-commerce marketers take a magnifying glass to spending trends, which can highlight the most impactful marketing strategies. Find key stats and deets on:
- economic perceptions
- in-store vs. online shopping
- creating perceived value
- when holiday shopping happens
And that’s just the tip of the tree. Intrigued? Download your free copy.
|
|
South Park/Paramount Global via Giphy
For consumers, Black Friday means one thing: incredible discounts. From fashion and beauty to electronics and big box retailers, nearly every category seems to go all out for the occasion as holiday shopping gets into full swing. According to one report, Americans tend to save 24% on average with Black Friday deals.
In 2022, we spent $9.1 billion shopping online during the Thanksgiving weekend sales. And this year, the numbers might even reach record highs, as inflation coupled with holiday gifting pressure drive customers in a frantic search for a good deal.
These days, most of us think a good deal is a discount of at least 30%, according to a report from Boston Consulting Group. And this year, retailers like Macy’s and JCPenney will be offering nearly 60% off.
That number may seem high, but it’s relatively easy for a big chain retailer to pull off, especially if it means higher consumer spending overall.
But where does it leave smaller businesses, which have smaller profit margins at stake as they vie for customer attention?
According to Claire Tassin, retail and e-commerce analyst at Morning Consult, small and independent retailers can’t usually afford to offer steep discounts and free shipping.
“Inflation is hitting everyone, including large and small retailers,” Tassin told Retail Brew. “While large retailers can better afford to meet shoppers where they are with cheaper products and discounts, small retailers don’t necessarily have the same flexibility.”
Keep reading here.—JS
|
|
Talaj/Getty Images
It might be time for another spiked eggnog, because a new holiday shopping survey from WalletHub suggests that consumers are not exactly swimming in disposable income this year.
More than one in three Americans (34%) say their families are sitting out gift-giving this year because of inflation. And some may be wishing they skipped gifts last year, too; 24% of respondents said they’re still paying off debt from last year’s holiday shopping.
The survey polled a nationally representative sample of about 250 adults.
Americans express: To help with holiday shopping this year, 19% of Americans will—what could possibly go wrong?—apply for a new credit card.
Americans' credit card debt has reached a record $1.1 trillion, according to a recent report from the New York Fed—so, you know, why not apply for two new credit cards?
Consumers’ inflation malaise may impact not just retailers but also the Salvation Army officers ringing bells in front of their stores. Nearly half of Americans (47%) say that inflation is negatively impacting their charitable giving.
Social order: Retail executives who think TikTok is just the sound their Rolexes make may want to take a quick crash course, as the WalletHub survey revealed that 23% of Americans’ purchases will be influenced by something they saw on social media.—AAN
|
|
Put down that broom. What would you rather do than sweep or mop your floors? With the Roomba Combo® from iRobot, your options are endless. Their fleet of vacuum and mop robots take care of the deep cleaning for you. For a limited time, get 40% off select robot models.
|
|
Are you an exec looking to make your next career move or join a board of directors? We’ve partnered with ExecThread, where you can find thousands of confidential job opportunities and board roles that aren’t listed anywhere else. Join ExecThread for free.
|
|
Today’s top retail reads.
Burning sneakers: A local human rights group in Cambodia published a report that waste from international retailers, such as Adidas and Walmart, is being incinerated in brick factories, causing illness among some workers. (Reuters)
Corporate lingo: A new buzzword is becoming popular among retail CEOs this earnings season. That word is “choiceful,” and it roughly refers to how customers are still willing to splurge—but only on certain items deemed worth it. (CNBC)
Singing clothes: Fashion house Balenciaga is launching a line of merchandise that uses embedded technology to play music from clothes. (Retail TouchPoints)
Making decisions with data: In retail, every customer behavior is tracked and analyzed. You have the data—now use that data to make smarter decisions. Our newest course, Decisions with Data, premieres Dec. 4 and will have you making the most important decisions for your business with confidence. Register now!
Shop or flop: Black Friday and Cyber Monday approacheth. How are consumers planning to spend, given the economic headwinds? Klaviyo’s glad you asked. The 2023 consumer spending report is here to answer your Q’s.* *A message from our sponsor.
|
|
Share Retail Brew with your coworkers, acquire free Brew swag, and then make new friends as a result of your fresh Brew swag.
We’re saying we’ll give you free stuff and more friends if you share a link. One link.
Your referral count: 2
Click to ShareOr copy & paste your referral link to others: retailbrew.com/r/?kid=303a04a9
|
|
ADVERTISE
//
CAREERS
//
SHOP
//
FAQ
Update your email preferences or unsubscribe
here.
View our privacy policy
here.
Copyright ©
2023
Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011
|
|