Are consumers spending less across all categories – or are they simply becoming a lot more selective about what they spend their money on?
FINANCE
JD Sports (UK) said total same-store sales for the first five months of the year are up 5% year-on-year. The company expects record annual profits again this year as demand for athleisure apparel and sportswear holds strong.
- JD Sports said that in order to meet profit predictions, it has started a review of its control, risk and compliance target operating model.
- The retailer is said to be looking to sell its Footasylum chain to a private equity firm.
MARKET OUTLOOK
Why Knitwear Is Likely to Outperform the Market
Facing what looks like another challenging season, brands are seeing important opportunities in knitwear. The category is able to meet the demand for flexibility, speed, small orders, and creativity.
This was one reason why this week’s SPINEXPO fair in Hong Kong was a hive of activity.
It might also be why although spinners are feeling market pressures, they overall are more optimistic than other industry sectors. Read more.
PODCAST
The Critical Role That Stores Play in Driving Sales – especially with Gen Z
Many see physical stores as dinosaurs whose role will increasingly be a combination of a distribution center supporting e-commerce and a product showroom of sorts.
But others argue that shopping is a social activity that is a fundamental part of most consumers’ lives. And that Gen Z and younger Millennials seek experiences, creating a huge opportunity for physical stores.
In this podcast we hear from Ian Scott, a leading retail consultant with over 20 years experience working with top brands including Lego, Coca-Cola, Estee Lauder, Dyson, P&G and many others.
What You’ll Learn
- The disconnect between what retailers think consumers want (in a retail experience) and what consumers actually want.
- How to create an engaging retail experience – even if you’re not selling ‘celebrity’ products.
- Whether more investment in new technology is the way forward retail?
RETAIL
The New ‘Less is More’ Economy
Faced with rising prices and greater insecurity about the future, consumers are finding less satisfaction in each incremental extra pair of jeans, t-shirt or pullover.
There’s been a growing movement towards shopping more mindfully. And while social media continues to tout the next ‘must have’ looks, consumers are slowing down their spending and are changing their criteria as to what will prompt them to hit the ‘buy’ button. Read more.
MARKETS
U.S. apparel sales fell 0.4% month-on-month in June, ( down 0.2% from a year ago), while overall June retail sales rose 1% month-on-month.
American Express (USA) raised its annual revenue forecast on the back of continued heavy spending by consumers on their credit cards despite the highest inflation in a generation.
UK consumer confidence remains ‘severely depressed’, according to a new GfK survey.
- Its consumer morale index held at -41 in July, matching June’s 48-year low and below levels that have previously preceded recessions.
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