Consumers are turning away from fashion purchases as they struggle with debt and living costs. Data from the Federal Reserve found that this year, the total credit card debt in the U.S. is over $1 trillion (which is an all-time high) while the total household debt is $17 trillion. As a result of this, Americans are struggling to pay for everyday items such as groceries, insurance, etc., so retail purchases are getting lower on consumers’ purchasing lists. A Mastercard senior advisor and former Saks Fifth Avenue CEO says “Things like restaurants and electronics will be doing much stronger than apparel. Consumers will have to make choices about what they’re spending on.” Earlier this year, young consumers told YPulse inflation is changing their spending in nearly every way, but cutting out non-essential purchases is a top change they’re making. (Glossy)
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