Customers are pulling back on spending at Gap and Old Navy — particularly in one specific category that shows just how much families are feeling inflation’s pinch. In tough times, parents typically skimp on themselves and focus on meeting the needs of their growing children. But Gap and Old Navy said Thursday they’re now seeing less spending on babies’ and kids’ items.
According to market research firm NPD, purchases of infant and toddler clothing are down this year: From January through October, sales of clothing for infants and toddlers declined by 3% in revenue and 6% in units sold versus the same period last year. “This is a huge indicator of financial strain,” said Marshal Cohen, chief retail industry analyst with NPD. “One has to look at the total picture.
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