On a day in May 2022, Sally Beauty Supply’s foot traffic score dropped from hundreds of thousands to 98,026. While this initially doesn’t seem like a big deal, the retailer hasn’t been able to get its numbers back. Fast-forward to the first day of August 2022 and the cosmetics company only received 89,582 store visits, significantly lower than its 2021 numbers.
Although there appears to be a drastic drop in the number of shoppers at Sally Beauty Supply stores, the decline in foot traffic is not necessarily the fault of the retailer. Inflation has been stressful for many people around the world, as the prices of basic goods, such as groceries and gasoline, have been remarkably high. According to US News & World Report, 81% of people in the United States are changing their buying habits due to inflation. So while prices at Sally Beauty Supply are generally reasonable, people are still likely to be more concerned with putting food on their tables and getting where they need to go by buying gas or train and bus tickets than buying beauty products on the cheap. as we approach fall.
All this could change with the passage of the Reducing Inflation Act, but more people are turning to online shopping, too, foot traffic numbers are likely to decline for all retailers over time, even if the law helps people to have more money to spend.
Source: www.glam.com