The study’s findings include:

• The top celebration plans include grilling/barbecuing (59 percent of celebrators), followed by attending or hosting a party (43 percent) and cooking/baking (23 percent).
• More people intend to be out and about for Memorial Day 2023. Compared to last year, all celebration plans saw an increase in 2023, including recreational activities (+10 percentage points), attending or hosting parties (+9 points), attending public celebrations (+8 points) and watching fireworks (+6 points).
• Nearly everyone plans to make Memorial Day purchases. Food tops the shopping list (83 percent), followed by alcoholic beverages (46 percent), non-alcoholic beverages (35%), party supplies (16 percent) and decorations (11 percent).
• Beer is the top alcohol choice, but spirits and hard seltzers are seeing a jump in popularity. Among those planning to buy alcohol, the first choice is beer (70 percent), followed by wine (43 percent), hard seltzers (30 percent) and spirits (30 percent). Compared to 2022, more consumers say they are planning to purchase spirits (+10 percentage points) and hard seltzers (+2 points) this year.
• More than three-quarters of consumers expect rising prices to impact their Memorial Day spending. Just over a third say they expect a slight impact from inflation, 26 percent expect a moderate impact and 16 percent expect a significant impact.
• More than eight in 10 consumers (82 percent) will try to save money this Memorial Day. Just over half say they will buy items on sale, 28 percent will use more coupons, 28 percent will prepare budget-friendly foods, 20 percent will switch to store/private label brands, 17 percent will shop at dollar stores, 12 percent will reduce their travel and 11 percent will buy smaller items.

The study used verified purchase data and a sentiment survey of over 2600 consumers on their 2023 holiday intentions.

Click here for more results from the study.

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“The outlook for dining and necessity retail remains positive as summer approaches, despite a flat trend in overall consumer spending,” the report states. “Continued inflation, labor market concerns and high interest rates are influencing households to prioritize social interactions over big ticket items that were popular during lockdowns.”

That prioritization of spending on necessity goods will aid renewal and new leasing activity across certain key types of single-tenant retail, the report notes, including supermarkets, drug stores and convenience stores.

“The collective tightness across these subsectors may motivate some retailers to re-evaluate their leasing criteria, considering spaces in urban settings, outlying locations or older shopping centers,” the report states.

Click here to register to receive the full report.

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They entered Ramallah Jewelry by cutting through the wall via a vacant storefront next door, ABC 7 reports.

The owner was just opening the store when the men came through the wall “with a crowbar and possibly guns,” according to the report. Police said one of them hit him with a blunt object. He received treatment on the scene for minor injuries.

They broke display cases and took items including necklaces, bracelets and stones.

Watch a news video about the crime:

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Overall, the study asked respondents to forecast their shopping habits 18 years from now, when Gen Z’ers will turn 40 and together with Millennials be the dominant consumers. Results revealed their predictions on how emerging technologies will influence future shopping experiences, such as:

• More personalization tops shoppers’ wish lists, with 65 percent want the shopping experience to become more personalized in the future, and 36 percent are sure it will be, both in-store and online.
• Most fashion shoppers won’t try clothes on physically. Only half believe they will try clothes in the same way as today (53 percent). Instead, 48 percent want to use virtual dressing rooms, 28 percent AR, and 23% will rely on Artificial Intelligence (AI) to advise which clothes best fit their body and fashion style.
• Well-mannered robot fashion advisors and virtual personal shopping assistants are in high demand. More than half (59 percent) are open to the idea of a robot approaching them in-store to take their measurements and recommend styles, with an additional 18 percent considering it depending on how the robot looks and behaves. In addition, roughly a third want access to virtual “personal shoppers” which can provide recommendations based on their fashion style and taste when they shop online.

In addition to technological advancements, the future of the planet and the growth in the so-called circular economy are also at the forefront of consumers’ minds. That includes 52 percent wanting more sustainable fashion in the future and 57 percentwanting the circular economy to take a larger share of the total shopping industry. In addition, roughly one in three believe they will sell (26 percent) and buy (37 percent) used items more often.

“Retail and shopping trends have evolved significantly over the last decade and it’s clear there are more changes to come,” said Kate Hardcastl, a consumer expert who worked with Klarna on the research. “Technologies like augmented reality have the potential to transform rundown physical shops and revamp the in-store experience for shoppers. Klarna’s latest research shows that consumers want greater convenience and a more personalized shopping experience – and seamless technology must be at the heart of this.”

Click here for more from the study.

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This year, The Plumb Club initiated a multi-faceted research study with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The insights shared illustrate the various factors that lower the barriers in order to allow the purchase and help a jewelry customer decide if a product, brand or retailer is relevant and meaningful to them, and if they fit with that customer’s self-appraisal.

So, who is this target consumer? Well, roughly 70% of all jewelry is purchased by adults of ages 25 – 60 (Gen X and Gen Y) with the largest share belonging to millennials (Gen Y). The average millennial spends $203 on jewelry annually, which is 157.9% above the average American. This group is “techno-savvy” and reliant on digital devices. This customer also craves tailored and personalized experiences, wants transparency, ecological and social commitments from their brands and selling channels, as well as diversity and inclusivity. They further want to be free to express themselves and their personality prominently, whether that be on social media or in their purchase decisions.

Following are some of the survey insights that consumers say influence their buying.

Consumers are interested in purchasing jewelry for special occasions (54%), but often for no needed reason (24%). Retailer websites, as well as family and friends, are the most important influencer (39% respectively) and the three most important factors while purchasing jewelry are quality (31%), price (24%) and design (23%).

79% of consumers say that knowing more about a store or brand’s responsible business practices and supply chain would influence their purchase from one store or brand over another.

Fair-trade labor, ethical sourcing, traceable origin of diamonds and gemstones, as well as sustainability, are important to consumers with 42% saying that they would pay a great deal (up to 25% more) or a lot (up to 20% more) for those characteristics. 39% said they would pay a moderate amount (up to 10% more).

61% of consumers say that product-driven ads (no model) have the most impact on them while ads with a beautiful model have the least impact. Additionally, 78% say the look of the store influences their jewelry purchase. (graph 1 and 2 on page 57)

64% of consumers would like their retailer to offer VIP benefits (discounts, early access to new products, exclusive access to events) both in store and online and 75% said they would be willing to buy more from a jeweler to achieve VIP status. (graph on page 60)

When it comes to other elements of importance, 78% of consumers feel that it is “important” or “very important” that their salesperson has credentials, certificates or education about the product, 55% feel it is “important” or “very important” a jeweler maintains an updated online and social media presence. 55% feel it is “important” or “very important” a retailer shows diversity and inclusivity. (graph on page 58)

The study was conducted with a sampling of over 2,000 men and women from the ages of 25-60 with a balanced demographic and psychographic mix across the US. Respondents had all attended some college or higher and had a combined household income of at least $75K/year.

The insights shared here in this final story of the research study, The Plumb Club Industry & Market 2023, represent only a small facet of the information contained in this expansive document. In addition, a presentation of more of these findings will be given at the JCK Las Vegas Show on Sunday, June 4 at 11am at the Showcase stage in The Venetian Expo, level 2. The presentation is entitled, “Today’s Changing Customer: Who, When and What They’re Buying!” Any retailer wishing more information on The Plumb Club Industry and Market Insights 2023, should contact their Plumb Club Member vendors or visit a member at The Plumb Club Pavilion. A full listing of Members can be found here.

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That figure – when combined with the $700 to $800 million loss the company sustained last year due to inventory shrink – means the retailer is expecting a $1.2 billion hit to its bottom line for the 2023 fiscal year.

“As we look ahead, we now expect shrink will reduce this year’s profitability by more than $500 million compared with last year,” Cornell said in Target’s first quarter results. “While there are many potential sources of inventory shrink, theft and organized retail crime are increasingly important drivers of the issue. We are making significant investments in strategies to prevent this from happening in our stores and protect our guests and our team.

“We’re also focused on managing the financial impact on our business so we can continue to keep our stores open, knowing they create local jobs and offer convenient access to essentials.”

As reported previously, Target is among many chains facing major difficulties with crime in its downtown San Francisco locale – a problem that has caused many prominent retailers to close up shop there in the past few years.

As for its most recent financial results, Target reported comparable sales were flat to last year in the first quarter, reflecting comparable store sales growth of 0.7 percent and comparable digital sales down (3.4) percent. Total revenue of $25.3 billion grew 0.6 percent compared with last year, reflecting total sales growth of 0.5 percent and a 10.2 percent increase in other revenue. Operating income of $1.3 billion in the first quarter of 2023 was down 1.4 percent from last year, driven by an increase in the company’s SG&A expense rate.

“We came into the year clear-eyed about the challenges consumers are facing, and we were determined to build on the trust we’ve established with our guests,” Cornell said. “It’s required agility and the ability to flex across our multi-category portfolio as we lean into value and the product categories our guests need most right now. Thanks to the team’s dedication, we saw an increase in guest traffic in Q1, with total sales increasing and profitability ahead of expectations.”

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According to the research, most Americans are responding to economic uncertainty with action, making adjustments – small and large – to their financial priorities and choices.

More specifically, economic uncertainty is leading most Americans (60 percent) to postpone plans and purchases of one kind or another. More than a third (36 percent) of people say they are postponing daily purchases like meals out, new clothes and event tickets. Three in 10 (29 percent) say they are shelving large purchases or projects like remodeling a home or buying a new car. For younger adults, the postponements also include putting some big life decisions on pause.

“The impact of inflation continues, and Americans are reminded about elevated prices every time they fill up their gas tanks,” said Christian Mitchell, Chief Customer officer at Northwestern Mutual. “However, worries about recession are quickly rising from nil to real. For Gen Z in particular, that means learning how to prepare for the long-term and the risk of the first sustained economic downturn in their young professional lives.”

The “2023 Planning & Progress Study” was conducted by The Harris Poll on behalf of Northwestern Mutual among 2740 U.S. adults aged 18 or older. The survey was conducted online between Feb. 13 and March 2, 2023. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income and propensity to be online to bring them in line with their actual proportions in the population.

Click here for more from the study.

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“Retail sales posted a modest rebound in April, but the gain mostly reflected higher prices and a sustained turnaround is unlikely with consumer fundamentals turning less supportive,” Lydia Boussour, Senior Economist at EY-Parthenon, told the cable news network.

Miscellaneous store retailers experienced the largest gain, at 2.4 percent, followed by online sales’ rise of 1.2 percent, health/personal care retailers’ bump of 0.9 percent and food and drink sales’ climb of 0.6 percent.

On the downside, an 0.8 percent drop in gasoline sales held back the spending figures. Sporting goods, music and book stores posted a 3.3 percent decline, while furniture and home furnishings saw a 0.7 percent drop.

Though the report indicated consumers are struggling, it was the first positive reading since January.

Click here for the full CNBC report.

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According to an employee who spoke with The San Francisco Standard, the Target store in the Metreon mall, located near Union Square, is seeing “10 thefts a day.” Another employee said food and cosmetics were being lifted by the handful, with “people shoveling stuff into a bag” on a regular basis.

Clothes, contraception pills and aluminum foil (used for smoking fentanyl) are also common targets for shoplifters.

When the media outlet visited last week, there were several security guards in yellow vests patrolling the store and guarding the exit. It’s unclear how many of the incidents are being reported to law enforcement.

In the summer of 2021, Target cut operating hours at its San Francisco locations due to an increase in theft and “security incidents.”

This year alone, 13 retailers – including Nordstrom and Whole Foods – have announced they would shutter locations within the city.

Read more at The San Francisco Standard.

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The Plumb Club Survey seems to echo a study by DeBeers Group, stating that the most popular piece that diamond jewelry customers are buying is a diamond ring, followed by a diamond pendant or necklace. Survey results show that a diamond ring with gemstone accents was most preferred by 45% of consumers. 42% of consumers said they preferred a diamond necklace with gemstone accents.

The study also notes that “the demand for colorful diamonds has also been rising. Millennials are drawn to high-end colored diamond jewelry, also due to their increased purchasing power. As a result, demand for diamonds is soaring.”

When it comes to spend, the survey shows an average spend of $5,373 is spent on a bridal/engagement piece, while the average spend on a non-bridal jewelry piece is $1,297.

Retailers interested to understand some of the motivating factors of a diamond purchase should know that 72% of consumers feel that laboratory reports or verified certificates were important to them when buying jewelry but when buying diamonds that number jumps to 91%, with 41% saying laboratory reports of identification and verification are most important.

Further, 78% of consumers surveyed stated that it was either “very important” or “important” for the jewelry salesperson to have credentials, certificates, or education about diamonds, gemstone, and jewelry.

The insights shared here are part of a multi-faceted research study initiated by The Plumb Club with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The study was conducted with a sampling of over 2,000 men and women from the ages of 25 – 60 with a balanced demographic and psychographic mix across the US with the goal of understanding how individuals engage with jewelry. Respondents had all attended some college or higher and had a combined household income of at least $75K/year. Additional information from this expansive research will be shared over the next several weeks. Any retailer wishing for more information on The Plumb Club Industry and Market Insights 2023 should contact their Plumb Club Member vendors. A full listing of Members can be found here.

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