We’ve officially lost our desire to shop ‘til we drop.
According to a recent article from The Independent, which cites a new study conducted by the UK’s Office for National Statistics (ONS), brick and mortar retail traffic is still very much on the decline.
While some retailers blame unseasonable weather, the reality is we don’t need anything new. Splurging on a new wardrobe each season isn’t necessary when there hasn’t been any major trend shifts in almost a decade, and consumers can layer what they already have.
What’s more, the apparel market is oversaturated, causing retailers to discount regularly and consumers to grow bored. So what are would-be shoppers spending on instead? According to the ONS, the majority of our disposable income is going toward wining and dining, in addition to vintage shops, eBay, and local flee markets.
You can read more about the continued decline of brick and mortar retail at The Independent.
