Consumer Behavior

Target CEO: Gas costs, inflation could deter consumer in-store visits

Photo by istock.com

January 25, 2022

Target CEO Brian Cornell expects ongoing inflation, resulting in higher retail goods costs, and increased gas prices are likely going to reduce consumer in-store visits in 2022.

The retail leader made the prediction during his appearance at the annual National Retail Federation conference held in New York last week.

"Some of the historical ways consumers react to inflation will play out again in 2022," Cornell said, according to a New York Post report.

"You'll drive fewer miles, you'll consolidate the number of times and locations where you shop. You'll probably spend a little more eating at home versus your favorite restaurant, and you might make some trade-offs between a national brand and an own brand."

Cornell said the industry will get a better view on consumer behavior in the next two to four months.