Consumers Shifting Spending Amid Return to Office, 'Normal'
Washington, DC, June 6, 2022--Shoppers have shifted their spending from the casual clothes and home items that were in demand during the height of the pandemic, reports The Wall Street Journal (WSJ).
Macy's is among the big-name retailers now stuck with excess goods. WSJ writes that "Macy’s has too many casual clothes, activewear, home textiles and tableware, as shoppers in recent weeks instead bought dressier clothes to wear to the office or social engagements."
Last year, retail boomed, especially for companies that sold apparel and home goods. But those tailwinds are reversing amid record inflation and a return to a normal state of affairs socially as pandemic restrictions fall away.
WSJ reports that "Macy’s Chief Executive Jeff Gennette said in an interview in late May that the shift was dramatic and happened faster than the company had anticipated," echoing sentiments from other big retailers and industry analysts.