Gen-Y are Becoming Thriftier Shoppers
Companies holding out for a consumer rebound could be waiting for years and find that by the time shoppers do come back, the rules of the game will have changed. That is likely to mean fewer retailers and stores, more e-commerce and mobile shopping — and an entire generation of consumers who are struggling to make ends meet.
“It could be up until 2020, 2025 until people get to a situation where they feel they can spend freely,” said Leon Nicholas, director of retail insights at Kantar Retail. “The debt overhang is so large for the American household that people simply can’t break free from it by changing a few behaviors.”
And Generation Y shoppers — who are coming into their own and range from about 18 to 29 years old — are learning to live in leaner times, relying on their parents and deferring the parenthood and home ownership. “I think they’re going to consume things differently and they’re going to consume things in a frugal way,” Nicholas said. “They’re probably going to have less credit card debt because they saw what happened to mom and dad.”
Brooks Brothers get Womenswear
After more than two years in a temporary location next door, women’s merchandise has a new 8,000-square-foot home on the second floor of the Brooks Brothers Manhattan flagship, a spot that had previously housed men’s sportswear. It shares space with children’s wear as well as a smattering of home merchandise, and marks the first time that Black Fleece women’s wear will be housed separately from men’s. It also includes the debut of Brooks’ new University collection for women, a younger, slimmer-fit sportswear line that is being introduced this fall. This is also the first time the home collection has been sold in a store setting; it was previously available only online.
Big changes at Harper’s Bazaar
Expect a few changes coming from Hearst by the way of Harper’s Bazaar. According to WWD, in the coming months, the magazine will increase its trim size and, once again, reduce its frequency. Harper’s Bazaar will come out 10 times next year after it combines its upcoming December and January issues, which will represent a drop in frequency for a second consecutive year for the fashion title.
A spokeswoman would not get into details about Bazaar’s new trim size, but two Hearst insiders said it would not be as big as W or the British Harper’s Bazaar fashion issues in March and September. “For now, the cover price will remain at $3.99, $4.99 for September and March,” said Harper’s Bazaar publisher Carol Smith via a spokeswoman. “We’re also moving to 10 issues, continuing to publish a June-July summer issue and, now, a year-end December-January issue. The bonus Runway Report will run in September, with additional single-topic issues around franchises like Fabulous at Every Age and Mr. Blasberg’s Best Dressed. The rate base will remain unchanged.”
– Taneisha Jordan
Source & Photo: WWDSee the Top Ten Summer 2016 Trends for Women Over 40