IT spends of retail vertical to remain soft in CY23; technology is a core part of long term capex initiatives
Several US and European retailers have highlighted that they are seeing consumer spending being impacted in discretionary categories. Walmart mentioned headline inflation in food and consumables declined by 400bps QoQ in Apr’23 quarter, but on a 2-year basis, food inflation remains over 20% and continues to put pressure on discretionary wallets.