Consumers have changed their habits. They’re used to saving cash, and (that’s seen) as not a bad thing. We can only deal with so many possessions and the culture now is that it’s fashionable to be thrifty.
– Julie Palmer, business consultant at Begbies Traynor.
Interesting trend going into the important fall and back-to-school season. All year I’ve been reading article after article in Women’s Wear Daily about the Millennial (18-34) consumer spending habits veering toward food and electronics and leaving clothing on the shelf. Many have student loan debts and well as high housing costs plus since the
“Great Recession” consumers want a deal and are less likely to pay full price for anything, clothing in particular. Consider also the Millennial role models, high-tech types like Mark Zuckerberg. Need I say more?