Retailers are cautious about the upcoming holiday shopping season, with reduced outlooks and subdued forecasts. Consumer spending is expected to slow to 3% to 4% in 2023, impacted by inflation, rising interest rates, and student loan repayments. Major retailers like Lowe's, Best Buy, and Kohl's have cut their sales forecasts, indicating a challenging environment. Additionally, eCommerce sales have seen a slight increase, but concerns about debt, student loans, and inflation are impacting consumer spending, potentially affecting online shopping during the holiday season.

Cautious Holiday Shopping Outlook