Macy’s Inc. has announced plans to hire more than 31,500 full- and part-time employees in preparation for the upcoming holiday season, a reduction from last year’s recruitment figures. This decision comes as the retail giant braces for a busy shopping period amid shifting labor market conditions.
According to a report from Challenger, Gray & Christmas, U.S. retailers are expected to hire fewer seasonal workers this year compared to 2023, reflecting a softer labor market and tightening consumer spending. In contrast, Macy’s had aimed to bring on approximately 38,000 employees for the 2023 holiday season, while its hiring efforts in 2022 reached around 41,000.
A recent Deloitte forecast indicates that holiday sales in the U.S. are projected to grow at their slowest rate in six years. Factors such as ongoing inflation and diminished consumer savings are prompting shoppers to adopt a more frugal approach as the crucial shopping period approaches. Historically, holiday sales represent over half of annual revenues for U.S. retailers.
In a related development, UPS has announced plans to hire 125,000 seasonal workers for the upcoming holiday season, surpassing last year’s total of 100,000. The logistics company stated that this increase in seasonal hiring reflects their commitment to meeting customer demands during the busy shipping season.
As the holiday shopping landscape evolves, both Macy’s and UPS are adjusting their strategies to navigate the challenges posed by economic conditions.