Americans spending less on clothing, electronics

Amid high inflation, several big retailers are reporting that consumers have changed the way they shop.

COLUMBIA, S.C. (WOLO)— Amid high inflation, several big retailers are reporting that consumers have changed the way they shop.

Retailers like Target, Best Buy and Macy’s say Americans are spending less on goods like clothing and electronics and instead redirecting money towards groceries and household basics.

The slowdown on discretionary spending could prompt discounts on those items as stores look to lower their inventory.

Several retailers say they are predicting a decline in sales this year.

On the other hand, discount retailers like TJ Maxi, Marshalls and Aldi, expect their sales to grow in 2023.