Retail executive expectations for 2023

KPMG Retail executive outlook I 2023

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Survey highlights

62% cite unforeseen geopolitical risks as a top organizational challenge in MANAGING impacts of inflation
82% expect to raise prices by the rate of inflation (52%) or more (30%)
72% envision passing on price increases in three to six months
74% are looking at right-sizing staff as a means of offsetting the impact of inflation
Nearly 40% plan to allow all employees to work remotely to reduce real estate and related spending
65% anticipate increasing their technology spend by 5% to 20% to mitigate inflationary impacts

According to a recent KPMG survey of 100 retail executives, 2022 was a prosperous year with 80% of retail executives surveyed reporting increasing top line revenue from 2021 to 2022, with 75% reporting increases in operating profit. But 2023 poses to be more challenging with 73% of retail executives thinking that the US is already in a recession or will enter one in the next six months, this is up by 32 percentage points from 41% in August.

Retail Outlook 2023

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