The festive spirit is in the air, but consumers may not be willing to splurge just yet. Amid a backdrop of high inflation and dwindling excess savings, what’s the retail outlook this holiday shopping season? 

“With 32 days between Thanksgiving and Christmas, 2023 marks the longest holiday shopping season since 2018. In our view, key themes this year include continued macro headwinds, discounting and earlier promotional cycles, fast delivery speeds and rationalized holiday hiring,” said J.P. Morgan’s Head of U.S. Internet, Doug Anmuth, who covers e-commerce companies including Amazon. 

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