What’s in store for 2023? Here are 5 spending predictions for the new year

From lingering pandemic-era supply chain issues, rising inflation, and ongoing Fed rate increases, to the war in Ukraine, tech company layoffs, and a volatile stock market, 2022 was a year to remember (and for many, a year to forget).

Predictions are always fraught, even more so when societal, geo-political, and economic signals are mixed. But Co-op’s SmartGrowth experts are up to the challenge! To help your credit union plan for the year ahead, here are our five spending predictions for 2023:

1. Consumers solidify their shopping habits: In last year’s predictions, we predicted the return of brick-and-mortar retail as pandemic-era restrictions eased and the widespread availability of COVID vaccines helped consumers feel more comfortable returning to in-person shopping.But as 2022 wore on, the emergence of vaccine-resistant COVID variants, along with a particularly devastating flu and RSV season, has caused a portion of the shopping public to remain cautious. Furthermore, many consumers became accustomed to curbside pickup and delivery services as a convenient alternative to in-store, leading to an expectation for brick-and-mortar stores to make them a part of their service models.

 

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