CHARLOTTE, N.C. — Banking giant Wells Fargo said overall household finances remain in decent shape heading into the holiday season, but purchasing power is fading.
Retail finance director at Wells Fargo Lauren Murphy told WCNC Charlotte anchor and reporter Jane Monreal the shopping season is expected to have a push-and-pull dynamic. She said factors like inflation, rising interest rates and the restart of student loan repayment, all play a part in that battle.
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"They really focused the last year on inventory management, they want to make sure they come into this holiday with the cleanest inventory with the right categories," Murphy said. "Retailers now, they don't have that inventory, that glut of inventory, where they feel they need to be overly promotional at this period. But we may see that start to tick up as we get closer to the holidays."
Murphy added the focus on Black Friday or Cyber Monday has not been as important since many retailers already released their big sales.
"I do think earlier, right now, retailers are trying to hold the power and get that wallet share," Murphy said. "But as we get into the holidays, if they're not seeing the traffic or the sales they need, that buying power is going to shift to the consumer and we're gonna see discounts."
The retail banking professional said to keep in mind how a pared down inventory might affect your shopping wish list.
"If there is a brand item [or] toy you're looking for, buy it now," Murphy suggested. "If you are waiting for more of that value, wait 'til after Thanksgiving, closer to the holidays, where you may see what's left on the shelf. And it may not be that first, second choice you're looking for, but it might be at the price point that you're looking for."
She said categories that might see some steeper discounts include furniture and electronics.
Murphy added, if you are on the lookout for a specific brand or item, now is the time to get on their email list and stay in the know.
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.
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