All you millennials with your tapered joggers and blankets for shirts are killing the retail industry. Slobs are winning. Happy?
New data reveals that elder/aging retailers like American Eagle, Abercrombie & Fitch and Aeropostale are experiencing a slump, less because their clothing selections are wack and more because young consumers are Over It. Business Insider reports:
Macy's reported a disappointing outlook as executives say consumers are spending their dollars elsewhere. Michael Kors' inventories are rising amid criticisms that the brand isn't cool anymore.
Teen retailers like and American Eagle are downsizing and changing their strategies. And apparel stores like C. Wonder and Wet Seal have shut down locations this year.
What's driving consumers away from traditional brands? You might've heard of it. Athleisure:
While US consumers spent slightly more on apparel, footwear, and accessories in 2014, those increases were driven by the new "athleisure" trend, not traditional retailers like Macy's, NPD says.
While previous generations dressed up for work and play, millennials have a tendency to wear brands like Nike, Under Armour, and Lululemon everywhere, according to NPD.
Retail analyst Marshal Cohen says:
"There is an underlying sense of rebellion that comes through in today's fashion. This is no longer a trend – it is now a lifestyle that is too comfortable, for consumers of all ages, for it to go away anytime soon."
Yeah, it's called shrug life.
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