Despite surveys suggesting that shoppers are pulling back on spending because of high gas prices, those on the frontline of retail says that’s just not the case.
High-end consumers and bargain shoppers alike are still looking for deals, the CEO of a major outlet center company said recently. “In good times, they like a bargain,” he said. “In tough times like these, they need a bargain.”
And even though gas prices are up, shoppers are still willing to drive to outlets to save money, the CEO said, noting his company plans to open new outlet centers this year.
On the other side of the spectrum, upscale shoppers continue looking for items such as jewelry and clothing. The CEO of one major upscale retailer said high-end retailers continue to grow.
Of course, gas prices are not a major concern for those with the means to pay for these upscale items. Those shoppers will more easily drive to a location where they know they can save money on bigger-ticket purchases such as clothes.
Source: CNBC, March 2012