Retailers have spent much of the past three chaotic years charging shoppers more to offset rising costs. But heading into 2023, more industry executives are wondering how much leeway they have to keep doing so, amid concerns that increasingly stretched customers will buy less stuff, according to a report released Thursday.
The report, from Deloitte, was based on interviews with 50 retail executives, most who work at companies with $10 billion or more in annual sales. It found that “nearly all” expected less consumption from shoppers this year, with many questioning how long they can keep passing their own higher costs to customers. Most said navigating the labor market — where workers have felt more confident seeking better jobs and asking for higher pay — would be their biggest difficulty this year. “Change can be good, but constant change can be daunting,” Deloitte analysts said in the report. “Retailers today are feeling the hangover of such volatility occurring in the most condensed time frame o …