Slowing job growth for consumers and a lack of pricing power for retailers points to more time in the doldrums for fashion.
But hopes are muted this time through as consumers navigate an economy that — outside of inflation that is finally cooling off — is stacked against them.
“There’s virtually no goods price inflation in aggregate, which is kind of like the world we were in prior to pandemic,” Hoyt said. “Retailers have very little pricing power. But other costs are rising, labor in particular, that makes life difficult for retailers.” “I struggle to see what brings us out of it,” he said. “To some degree, it is a tough time for retailers because we had the surge in good sales during the pandemic.
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