Apparel Companies Face Challenging Year Ahead as Canadians Cut Back on Spending

Less snow than usual in many parts of the country along with high inflation put a damper on splurging during the typically busy holiday season — and now retail industry watchers say apparel companies are staring down an equally fraught year ahead. "When we look at our consumer research for Canadians right now, it's not as if they are queuing up in order to buy more, let's put it that way," said Sandrine Devillard, a senior partner who leads consulting firm McKinsey and Co.'s retail practice.

Their hesitance to spend is stemming from soaring prices, high interest rates, layoffs and a slog toward recovering from pandemic debt. When Canadians are spending, Devillard said apparel isn't a priority. Instead, they are focusing on essential purchases like food and pastimes they were deprived of during the pandemic, such as travel or entertainment. "When they splurge, they'd rather splurge on experiences than buying the extra coat because nobody needs an extra coat, frankly," Devillard sai

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

A look at companies which have laid off Canadian workers in 2024Tech companies, retailers and more have all begun shedding members of their work force in a bid to navigate the economic downturn
Herkunft: globebusiness - 🏆 31. / 66 Weiterlesen »

Companies Forced to Tap Alternative Funding as Brazil Blocks Tax-Exempt BondsSome Brazilian corporates will be forced to come up with alternative financing plans after the country restricted the issuance of certain tax-exempt local bonds that have grown increasingly popular with individual investors.
Herkunft: BNNBloomberg - 🏆 83. / 50 Weiterlesen »

Judge orders Trump and his companies to pay $355-million in New York civil fraud caseFormer president won’t have to pay out the money immediately as an appeals process plays out, but the verdict still is a stunning setback
Herkunft: globebusiness - 🏆 31. / 66 Weiterlesen »