Are Millennials to Blame for the Demise of Many Retailers?
Amidst the growing popularity of athleisure, I recently speculated that sportswear may be the future of fashion—and that’s appearing more inevitable with every day, and news story, that passes. According to Business Insider, new studies reveal that various major retailers are struggling financially, and it’s apparently millennials and their less enthusiastic shopping habits that are to blame.
In getting so cozy with our workout tees and yoga pants, we seem to have weakened the success of larger companies like Macy’s and Michael Kors. Or as the article puts it: “While previous generations dressed up for work and play, millennials have a tendency to wear brands like Nike, Under Armour, and Lululemon everywhere.” Rather than have separate wardrobes for separate occasions, we now tend to pull from the same pile regardless of where we’re headed. This results in less spending, and less clothing overall.
But what about the really fancy occasions, where a hoodie just won’t do? Well, it appears that our penchant for renting isn’t doing retail many favors, either. Fashion rental startups such as Rent the Runway have become the go-to option for big-event shopping, appealing to those of us who don’t want to invest in a dress we know we’ll never wear again. Essentially, we've become smarter shoppers, perhaps at the expense of classic retailers?
Check out the full article over at Business Insider, and let us know in the comments if you think this is a fair accusation!