Parents are buying fewer baby clothes, a sign of deep financial distress.
Customers are pulling back on spending at Gap and Old Navy — particularly in one specific category that shows just how much families are feeling inflation’s pinch. In tough times, parents typically skimp on themselves and focus on meeting the needs of their growing children. But Gap and Old Navy said Thursday they’re now seeing less spending on babies’ and kids’ items.
According to market research firm NPD, purchases of infant and toddler clothing are down this year: From January through October, sales of clothing for infants and toddlers declined by 3% in revenue and 6% in units sold versus the same period last year. “This is a huge indicator of financial strain,” said Marshal Cohen, chief retail industry analyst with NPD. “One has to look at the total picture.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Parents beware: Dangerous, recalled toys are still on sale | CNN BusinessParents shopping for their kids this holiday season need to be alert and carefully examine toys before they buy them because recalled and counterfeit toys are being sold online, a consumer report said Thursday.
Read more »
WATCH: CNN reporter breaks down conclusion to Elizabeth Holmes Theranos fraud trial | CNN BusinessA judge sentenced Elizabeth Holmes to more than 11 years in prison following her conviction in January for defrauding investors while running the failed blood testing startup Theranos. CNN's Natasha Chen reports.
Read more »
Biden to sit down with business, labor leaders to highlight inflation progress | CNN BusinessPresident Joe Biden will sit down Friday with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN.
Read more »
First on CNN: Incoming GOP chair investigating Biden family businesses won't subpoena President Biden | CNN PoliticsThe top House Republican poised to investigate the Biden family said Thursday he's not planning to subpoena President Joe Biden despite being prepared to issue one to his son, Hunter.
Read more »
Qatar World Cup set to ban alcohol sales at stadiums, World Cup official tells CNN | CNNQatar World Cup organizers are set to announce a ban on alcohol sales on Friday, a World Cup official told CNN.
Read more »