Weekly Retail Recap: Back-to-school deals and more!
Wholesale collaborations expand for Snoop Dogg, as the Federal Trade Commission delves into regulating sponsored content
Strap in, y'all! We've got the lowdown on this week's hottest retail news, giving you the inside scoop on what you might have missed. Let's dive in!
Back-to-basics Sales
While we're still soaking up the summer sun, retail giants like Walmart and Target are already prepping for the back-to-school shopping frenzy. They're rolling out some killer deals to entice customers ahead of the begining of the academic year. Don't forget, teachers get some love too! From July 16 to August 26, Target will offer educators a one-time 20% discount on their entire purchase. Meanwhile, Walmart is allowing teachers to create classroom registries on its website to make shopping a breeze!
According to a recent survey, parents are expecting to spend 15.7% more on back-to-school items this year, with a whopping 78.3% reporting they'll shop at a mass merchant like these two retail titans.
Voter Registration Drive
The Body Shop is hopping on the democracy express! The beloved cosmetics brand has teamed up with HeadCount to encourage voter registration and promote fair and accessible elections. Customers can head to The Body Shop's stores or website to register, sign a pledge supporting democracy, and take part in advocacy activities.
Staying true to its roots, The Body Shop enlisted youth activists like Gen Z Girl Gang founder Deja Foxx and Youth Climate Save's Genesis Butler to help spread the message. The Body Shop and HeadCount will also be hosting various events to boost voter registration efforts!
Economic Outlook
Retail sales have been shining bright in 2023, but is the party going to come to an end? According to the National Retail Federation (NRF), while the economy has been on an upward trajectory, the next few months might prove challenging due to growing economic headwinds. However, with the $500 billion in accumulated savings from the pandemic and ongoing jobs growth, the NRF predicts that there's still some momentum.
The first half of 2023 saw a 4.2% increase in consumer spending, some four times that of the previous quarter, according to an NRF report. Unadjusted household spending is slowing down, but shifting from goods to services. Something to think about: the impact of the Supreme Court's rejection of President Biden's student loan forgiveness program might take retailers for a loop during the back-to-school and holiday seasons, as households scramble to juggle student debt obligations.
Retail Therapy
Kentucky Fried Chicken and Snoop Dogg are the epitome of collaboration goals! KFC dropped a sleek merch collection on National Fried Chicken Day, with a beach towel, bucket hat, koozie, slides, a tumbler, and a pair of shades up for grabs. The collection is available through KFCShop.com and will be updated regularly with new drops.
Snoop Dogg's popular petwear line, Snoop Doggie Doggs, recently expanded to partnerships with massive retailers like Petco, PetSmart, Kohl's, and more. Don't be surprised if your naughty little pup starts rolling with the Dogg's Life “aura” in no time! Keep an eye out for even more retail collaborations in the coming year.
Final Thoughts
- 72 stores will be closing their doors for good at Christmas Tree Shops after the company failed to find a buyer. Sad news for home decor and gift shopping enthusiasts!
- The Supreme Court overturned President Biden's student loan forgiveness plan. Analysts are warning that retailers might take a hit during the back-to-school and holiday seasons as households grapple with student debt obligations.
- The FTC updated its endorsement and review guidelines to better combat deceptive marketing practices. The updated guidelines emphasize clearer disclosures about material connections between brands and social media personalities to prevent confusion among consumers.
- The back-to-school shopping season is already in motion, with retail giants like Walmart and Target offering attractive deals for customers.
- Target is offering educators a one-time 20% discount on their entire purchase from July 16 to August 26.
- Walmart allows teachers to create classroom registries on its website for a convenient shopping experience.
- Parents are expected to spend 15.7% more on back-to-school items this year, with a large majority opting to shop at mass merchants.
- The Body Shop has partnered with HeadCount to promote voter registration and support fair elections.
- The Body Shop's store and online customers can register to vote, sign a pledge, and participate in advocacy activities.
- The National Retail Federation (NRF) projects economic challenges in the upcoming months but still sees momentum due to pandemic savings and job growth.
- The first half of 2023 saw a significant increase in consumer spending, with a shift from goods to services.
- The Supreme Court's rejection of President Biden's student loan forgiveness program might affect retail sales during the back-to-school and holiday seasons.
- KFC collaborated with Snoop Dogg to launch a limited merch collection, including beach towels, koozies, and more.
- Snoop Dogg's petwear line, Snoop Doggie Doggs, has partnered with major retailers like Petco, PetSmart, and Kohl's.
- The FTC updated its endorsement and review guidelines to fight deceptive marketing practices, requiring brands and social media personalities to disclose material connections more clearly to consumers.
