A slate of retailers boosted their outlooks following strong Q3 performances, a positive sign as the industry heads into the most important shopping period of the year. Best Buy, Dick's Sporting Goods, Abercrombie & Fitch, and Kohl's all updated their FY sales guidance, pointing to ongoing consumer resilience despite growing pessimism about the state of the economy and personal finances. The outlook for holiday spending is notably stronger than it appeared earlier this year: We expect sales in November and December to rise 3.6% YoY, slower than last year’s 4.4% growth but a significant upgrade from our May forecast.

Q3 was another strong quarter for Walmart and Amazon, and another weak one for Target. Shoppers are showing a clear preference for the convenience, product selection, and overall value that Amazon and Walmart offer, while being less impressed by Target’s assortment and shopping experience. Economic uncertainty is heightening the gap, as more shoppers turn to Amazon and Walmart for necessities like groceries while pulling back on the discretionary spending that fuels Target. Walmart's and Amazon's ability to combine low prices with an extensive product selection and fast and convenient delivery will serve them well this holiday season, while Target has the harder task of convincing price-conscious shoppers to spend on nonessential items.

The Omnicom-IPG merger has cleared its last obstacle after the European Commission—the last market whose approval was needed—officially granted greenlit the acquisition. Omnicom and IPG overcoming the final barrier to merge offers the potential for more comprehensive and efficient services—but also introduces new risks related to talent retention and creative diversity.

More shoppers are looking to make secondhand purchases this holiday season, according to two new reports. Nearly 40% of consumers’ holiday budgets will be spent on secondhand items, per ThredUp. The vast majority of US shoppers—81%—expect to shop secondhand for holiday gifts, according to OfferUp. Resale holds clear appeal to shoppers grappling with economic uncertainty and limited budgets. While saving money is a primary concern, shoppers are also drawn to the possibility of unearthing unique or one-of-a-kind items, as well as the environmental benefits of shopping secondhand.

US shoppers will spend $78 billion this Cyber Week, up 3% YoY and an all-time high, according to Salesforce. A record number of shoppers is also expected—186.9 million, per the NRF and Prosper Analytics. Cyber Five will be a barometer for the rest of the holiday season. While we expect healthy topline growth, driven by the resilience of higher-income consumers, shoppers on the whole are being much pickier about how and where they spend. Despite longer promo periods, most shoppers will wait for Black Friday to pull the trigger, possibly in the hopes of securing the deepest deals. AI will play a larger role this season, as more consumers turn to the technology to find gifts and secure discounts.

Advertising industry, public relations, and related services employment decreased by 800 jobs in September, per delayed data from the Bureau of Labor Statistics. The decline underscores mounting pressures across the ad sector. As industry employment declines, ad professionals need to focus on skill development, adaptability, and networking.

Walmart raised its full-year outlook again as its strong value proposition and fast-growing ad business drive broader consumer spending. It now expects net sales growth of between 4.8% and 5.1% this year, and EPS between $2.58 and $2.63. Q3 comps rose 4.5% YoY, with higher traffic and ticket size, and gains were strongest among higher-income shoppers. US ecommerce sales jumped 28%, supported by faster delivery, rising Walmart+ signups, and 33% growth in US ad sales (excluding Vizio). Walmart is also expanding to emerging channels, including ChatGPT. Its focus on value, convenience, and tech has strengthened its position, helping it compete with Amazon and capture more holiday and online spending.

TJX is confident its value proposition will resonate with shoppers this holiday season. Q4 is already “off to a strong start,” CEO Ernie Herrman said, following a better-than-expected Q3. As TJX and other retailers have repeatedly pointed out this year, off-price is one of the few retail sectors that thrives in times of uncertainty. Few retailers can compete with TJX’s value proposition—particularly its range of good-better-best merchandise, which appeals to shoppers of all budgets—and its treasure hunt experience. TJX’s continued momentum shows that retailers that can offer a compelling combination of value and fun stand to outperform this holiday season.

Cracks are beginning to appear in the previously resilient beauty category. Coty, e.l.f. Beauty, and L'Oréal all delivered quarterly performances below expectations as US demand softened. Beauty companies must ride out a number of headwinds, including tariffs, growing price sensitivities, changing category preferences, and a shift in where consumers choose to do their beauty shopping. Keeping ahead of those pressures will require flexibility, and an embrace of ecommerce platforms like Amazon and TikTok Shop.

Travel companies are cutting jobs to keep costs under control and adapt to softening US demand, part of a broader wave of layoffs. US employers set more than 153,000 job cuts in October, per Challenger, Gray & Christmas. Hotels and airlines have come under renewed pressure as demand moderates, costs remain elevated, and operational disruptions—including those tied to the current government shutdown—test their performance. The longer the shutdown lasts, the greater the risk of disruptions to holiday operations and travel. To stay resilient, companies can target international and more affluent consumers less affected by economic uncertainty, while cross-training airline and hotel staffers to beef up customer support.

Several conservative Supreme Court justices voiced skepticism over President Donald Trump’s claim that emergency powers allow him to impose sweeping tariffs on countries like Canada, Mexico, and China. A ruling against Trump could reshape the already disrupted US retail sector, with nearly half of imports now under duties. Analysts warn that consumers are beginning to feel the strain, with inflation rising and spending slowing. While a legal setback may limit Trump’s options, his administration still has other trade tools available—ensuring that economic and policy uncertainty will continue well into next year.

Spanish-language media company TelevisaUnivision reported a rocky Q3, with notable downturns in net income, ad revenues, and overall revenues. TelevisaUnivsion and ViX still offer a compelling value proposition for brands seeking smaller, but influential Spanish-language audiences.

The Omnicom-IPG merger is expected to close in November, according to Omnicom CEO John Wren in the company’s Q3 earnings release, which showed organic revenue growth of 2.6% YoY. The merger seems to have crossed its last hurdle—and the new Omnicom-IPG entity stands to benefit marketers in many ways, though brands must keep some considerations in mind.

Holding company Publicis Groupe reported a strong Q3 2025, growing organic net revenues 5.7% YoY, above analyst growth expectations of 5.19%. The company now expects 2025 revenues to grow between 5% to 5.5%, up from its previous forecast of 4% to 5%. Publicis’ heavy AI push and performance-driven strategy means it is well-positioned to continue growing while rival agencies struggle to remain competitive amid economic turbulence.

Amazon’s Prime Big Deal Days failed to spark early holiday shopping, with only 23% of consumers buying holiday items and just 7% picking up Halloween goods, according to a Numerator survey. Most shoppers used the event for everyday essentials, apparel, and beauty products rather than seasonal purchases. Despite 59% planning future holiday buys on Amazon, many were cautious due to inflation and economic concerns. With weaker engagement and no sales statement from Amazon, this year’s event likely underperformed expectations, highlighting a shift toward more deliberate, budget-conscious consumer behavior ahead of the holidays.

Performance channels are gaining traction among B2B marketers, with 84% now shifting from traditional, impression-focused approaches, per a Madison Logic survey. Brands should keep investing in performance marketing for its resilience amid economic headwinds. The added flexibility will let them adapt based on rapidly shifting economic signals and consumer behavior changes.

Free ad-supported streaming TV (FAST) is becoming an increasingly important part of the connected TV (CTV) landscape as audience interest skyrockets, per a new Wurl study. Brands can view FAST as a core part of the CTV media mix, leveraging early-adopter advantages while continuing to invest in paid subscription services like Netflix that have lower churn rates.

Global ad spending is now expected to rise 7.4% to reach $1.17 trillion in 2025, driven by social media and digital investments, per WARC’s updated forecast. Advertisers aren’t slashing budgets, but instead rethinking spending as economic uncertainty accelerates the shift to digital channels, performance campaigns, and newer formats like influencer marketing.

The Organization for Economic Cooperation and Development (OECD) lifted its outlook for global GDP growth this year citing tariff-related inventory frontloading, AI investments, and Beijing’s stimulus measures. But this resilience may soon fade: Global GDP growth is expected to slow to 2.9% in 2026, as tariffs and uncertainty begin to take their toll.