Income Brackets and Retailer Preferences Revealed in JLL Report

  • Parents plan to spend nearly 22% more on back-to-school shopping this year
  • Wealthier households increasing budgets the most
  • Lower-income parents cutting budgets due to inflation
  • Higher-income parents buying private label products
  • Major retailers introducing summer sales events
  • Amazon hosting Prime Day sales event on July 16-17

A recent report by JLL has found that parents across various income brackets are planning to spend more on back-to-school shopping this year, with wealthier households increasing their budgets the most. Despite inflation concerns, those earning over $50,000 will not cut back on spending. Lower-income families, however, are looking for deals and sales and starting their shopping earlier in July or August. Higher-income parents plan to shop in early June and opt for private label products to save money. Last year’s JLL report predicted a 15.7% increase in spending compared to 2022. Major retailers like Walmart, Target, Amazon, Best Buy, and Kohl’s are introducing summer sales events, including Amazon’s Prime Day on July 16-17.

Factuality Level: 8
Factuality Justification: The article provides relevant information about back-to-school spending trends and shopping habits of different income groups, as well as the plans of major retailers for summer sales events. It is based on a report by JLL and includes data to support its claims. However, it could be more focused and avoid some redundancy in terms of repeating information about the retailers involved.
Noise Level: 4
Noise Justification: The article provides relevant information about back-to-school spending trends and how different income groups are affected by inflation. It also mentions changes in shopping habits and upcoming sales events. However, it lacks a deeper analysis or exploration of the underlying reasons behind these trends and does not offer significant insights beyond basic reporting.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses consumer spending patterns during the back-to-school season, which can impact retailers’ sales and revenue. It also mentions specific retailers like Walmart, Target, Amazon, and Best Buy, indicating that these companies may be affected by the changes in shopping habits.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retaildive.com