(CNBC) – Inflation is down significantly, the stock market is more ebullient than it has been in a year, and the latest monthly national retail sales report came in stronger than expected, but retailers don’t expect that to change what is shaping up to be a downbeat holiday spending season in 2023, according to the latest CNBC Supply Chain Survey.
The survey’s early read on peak season order activity shows retailers ordering less and expecting the consumer to be on the lookout for discounts and freebies to entice them to buy more.
Last summer, big-box retailers Target and Walmart surprised the market when they revealed huge inventory builds that led to a period of steep markdowns. Many retailers are still drawing down inventories now as peak season for orders begins.
