Boring Fashion Hurting Economy
In an article last week, Fortune Magazine may have put its finger on why retail sales in America have been such a drag lately. November and December are supposed to be boom months for the fashion and retail industries, but so far sales have been less than impressive. Many economists have started crying recession, blaming the usual suspects like the slipping dollar and high oil prices.
But while sales of apparel are sluggish at best, electronic sales are up 5.8% and sales of luxury goods have soared 10.8%. What gives? According to Fortune, which confirmed a nagging feeling we’ve had for a while, women aren’t buying clothes because…. new fashion is boring.