From loyalty programs and cash back incentives to the rise of retail events, consumers have an arsenal of tools at their disposal for saving big on almost any purchase these days.
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In recent months, businesses have shifted from a growth mentality to one that focuses on efficiency. They’re scrutinizing their spend, and consequently, marketers are being asked to do more with less.
Younger consumers have the urge to splurge. Recent data from McKinsey found that 61% of Gen Z intend to splurge in 2023. Similarly, Visa found Gen Z to be the only age group that, in any given month in the past 2.5 years, was spending more than they were a year prior.
What do travel, footwear, and pets have in common? If you guessed these are some of the faster growing categories on Rakuten as of recent – that’s right. While economic pressures are driving a focus on value and savings, we’re continuing to see shoppers spend money.
In Rakuten’s last blog post, we talked about Gen Z being a key driver of retail spend. In this piece, we will dive into a few pro-tips on how to enhance their in-store shopping experience.
Luxury is poised for continued economic resilience and steady growth. Despite market turbulence, the global luxury market grew 20% in 2022 reaching $1.65 trillion dollars.
Despite unpredictable market conditions, retail sales have remained remarkably stable. Interestingly, the National Retail Federation anticipates retail sales will grow between 4% and 6% in 2023.
Inflation has retreated from the four-decade high it reached last summer, but consumers continue to feel the impact as inflation is still higher than pre-pandemic levels.