PwC released its 2023 Holiday Spending Outlook, which showed 40% of consumers plan on spending more than they did last year. Some surprises from the outlook include an increase in spending from Gen-Z versus baby boomers, who plan to spend 4% less than last year, as well as Gen-Z's proclivity to shop in-person. Kelly Pedersen, PwC US Retail Leader, joins Yahoo Finance to break down the outlook and what trends are emerging from consumers for the upcoming holiday shopping season. Pedersen summarizes many of the trends, saying "we are seeing this movement towards a younger generation of shoppers and their willingness to spend more on the holiday season." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Costco Wholesale (NASDAQ: COST) and Amazon (NASDAQ: AMZN) may not be the most direct competitors. Costco, after all, focuses on buy-in-bulk bargain-priced goods in its warehouse stores, while Amazon is best known as the "everything store," stocking millions of items online for easy delivery. Amazon has spent years trying to elbow its way into the grocery space with its acquisition of Whole Foods, its opening of Fresh grocery stores, and a range of efforts online to become its customers' first stop to fill up their pantry.
Amazon (NASDAQ: AMZN) is a leader in the two enormous growth markets of e-commerce and cloud computing, and that's helped the company's market value and earnings soar over the years. In fact, just last year, the company increased its research and development (R&D) investment by 30% to more than $73 billion. This information, on its own, shouldn't prompt us to run out and buy Amazon shares though.