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Instead, consumers have apparently gotten tired of ordering everything while sitting on the couch and have returned to shopping the old-fashioned way.
“As the pandemic has subsided, you’re seeing consumers get back to their pre-pandemic activities,” said Brian Nagel, who covers the retail sector at Oppenheimer & Co. “Consumers see benefits to shopping in stores.”
Several factors are converging to dampen online sales growth, he said.
Inflation is pressuring consumers’ wallets. This has led some shoppers to forgo buying big-ticket discretionary items like electronics and furniture — products often purchased online — or balk at delivery fees.
Other consumers have proven eager to get out and socialize after being cooped up at home during the pandemic.
“Shopping in stores is a social activity,” Nagel said.
The signs of this shift in consumer preferences are everywhere.
In May, online retail sales increased 2.2% compared with the same month a year prior, according to payment data…
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