There may be more to the retail wasteland than the rise of e-commerce. Overall spending on clothing makes up 3.1% of U.S. household spending today (half of what is was in 1977), while spending on experiences and technology has risen to 18% and 3.4%, respectively. Several reasons could be behind this shift in American spending habits: Millennial workplaces are becoming more casual (cutting wardrobes in half), fast-fashion giants are keeping clothing prices down, and big, need-to-buy trends aren't breaking through. (Bloomberg)
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