InsideOutdoor | SPRING/SUMMER 2023 6 I ADMIT, I’M CONFUSED Job numbers are great. Inflation has settled, but some economists believe it is still too high. What is the magic number for inflation? Two percent? Four percent? Economic prognosticators and TV financial pundits have been painting a bleak portrait of the state of the economy since the pandemic struck in 2020. Yet, the evidence is the job market remains strong and consumers continue to buy. Imports are down, but buyers are buying. The ports are having labor disputes, but buyers are finding ways to make the purchases they want. Even when ports are open, the supply chain has found more than a few loose links, and yet, consumers still count out the cash or swipe that card for everything from footwear to big-ticket items. Are we heading for a recession? Are we in one? Or is it time to regroup and redefine how the economy functions in what appears to be a new era? More “clouds” cast shadows over the economy earlier this month when Macy’s, Costco and other big chains reported shoppers are pulling back at their stores and changing what they buy. Immediately the punditry said this could be a “red flag.” Well, maybe not. Maybe spenders are cutting back for the same reason they do every year as vacation season sets in. Maybe they realize they need to save a little money for the fall return to school or the end of year holidays? The “free” money made available to help thwart repercussions of the pandemic largely has disappeared. We’ve used it. We’ve spent it. We’ve gotten all those little extras we could. Maybe, just maybe, we are disciplining ourselves again in the way we lay out our nickels and dimes, our dollars and our credit cards. Maybe, just maybe, our economy is stronger than we know, because all we hear is doom and gloom. So, when I hear Macy’s has cut its annual profit and sales forecast because customer demand slowed in March, I shrug it off. I have heard it before. It seems Macy’s has been fighting to stay relevant for years. Everyone knows Macy’s sales slow in the spring and summer and the large retailer makes up for everything in the fall and winter. When I hear that consumers are buying less expensive cuts of meat, I think nothing of it. We are now in that time of year when temperatures are higher, and people eat lighter. Comfort food season is over. We reserve those meals for colder weather. Maybe I’m naïve, and I’m certainly no economist, but when I see how low the unemployment rate is and hear how many jobs are added each month, when I see that retail continues to do better than financial experts predict, then I refuse to wallow in the more than a year-long prediction of economic hard times are going to crush the economy. I encourage retailers to stare down the predictions of a doomed economy. Prove the prognosticators wrong. Keep the economy purring along, because when it does, it helps you and your business to succeed. From the Editor Bruce Christian Editor-in-Chief bruce@bekabusinessmedia.com Brady Hicks Editor brady@bekabusinessmedia.com Martin Vilaboy Consulting Editor martin@bekabusinessmedia.com Contributing Writers Ritchie Sayner Lucas Tyson Percy Zamora Art Director percy@bekabusinessmedia.com Rob Schubel Digital Manager rob@bekabusinessmedia.com Jen Vilaboy Ad Production Director jen@bekabusinessmedia.com Berge Kaprelian Group Publisher berge@bekabusinessmedia.com Anthony Graffeo Publisher anthony@bekabusinessmedia.com Michael Burns National Account Executive michael@bekabusinessmedia.com Beka Business Media Berge Kaprelian President and CEO Jim Bankes Business Accounting Corporate Headquarters 10115 E Bell Road, Suite 107 - #517 Scottsdale, Arizona 85260 Voice: 480.503.0770 Email: berge@bekabusinessmedia.com © 2023 Beka Business Media, All rights reserved. Reproduction in whole or in any form or medium without express written permission of Beka Business Media, is prohibited. Inside Outdoor and the Inside Outdoor logo are trademarks of Beka Business Media
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