Half of Consumers to Buy More Online Amid Retail Deals: Pitney Bowes

Inventory surpluses at large retailers are sparking widespread discounts for U.S. e-commerce shoppers, and 49% of consumers, including 60% of millennials, plan to buy more online in the next six months because of these trends, a Pitney Bowes survey found. The company hired Morning Consult to canvass 2,000 online shoppers weekly for the past month, finding 15% of consumers are “unlikely to buy discounted items because they are cutting back on spending” amid record-high inflation, it said. Overstocks and markdowns will affect retail profitability, “but also create new openings to sell as a large portion of consumers seek out deals -- further aided by the return of Prime Day and other mid-year promotions,” said Vijay Ramachandran, Pitney Bowes vice president-market strategy, global e-commerce. The survey also found “a growing number of consumers cutting back on retail spending altogether as they react to record inflation and gas prices, and rising interest rates,” he said.