The retail industry is constantly evolving and difficult to navigate as labour shortages and inflation remain big concerns. Retail executive Rocco Matteo joins 'Global News Morning' host Laura Casella to discuss trends for 2024 and predictions in retail and consumer spending. – Jan 24, 2024The clothing and footwear component of Statistics Canada’s consumer price index saw a 4.2 per cent decline year over year last month, steeper than the 1.3 per cent drop seen in January.
Retail analyst Bruce Winder tells Global News the softening economy is indeed hampering consumer spending demand, which is forcing many retailers to drop prices to make sales.
Clothing prices have also been disrupted by new entrants into the market such as Temu and Shein. These online retailers offer very low prices at the expense of longer shipping times from production typically based in China.While Shein in particular has raised the ire of environmental and labour advocates who are critical of the company’s supply chain, Winder says customers who have “their backs to the wall” are more likely to buy from retailers that offer them the lowest price, period.
But Winder notes that Temu and Shein are also causing shipping snags in their own right as they take a growing share of air freight from other producers.Furniture makers are finding less demand for their products amid a two-year-long downturn in the housing market tied to the Bank of Canada’s higher rates.
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