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

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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.

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

 

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