Business Insider reported today:
Retailers like Macy’s, J.C. Penney, and Kohl’s have all reported mediocre results this week.
The companies have blamed a variety of temporary factors — such as delayed inventory shipments, bad weather in February, and fewer international tourists — for the slowdown in business.
But Americans are increasingly spending less on clothes and home furnishings, a trend that could hurt the companies’ businesses for years to come.
While lower gas prices mean consumers theoretically have more disposable income, the Commerce Department recently reported that US retail sales were flat as shoppers have other priorities.
A recent report by Morgan Stanley shows that millennials are spending more on expenses like rent, cellphones, and personal services than young people a decade ago. This leaves less money for buying clothes.
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