Whether At Gap, Kohl’s Or Nordstrom, Women Cut Back First
The Commerce Department says consumer spending, once tweaked to take out the effect of inflation, was flat in January–just as it was in December.
And, while this probably won’t come as news to the many apparel companies reporting sales declines recently, it appears women are cutting back on their spending before men, reports TNS Retail Forward, a retail consulting company based in Columbus, Ohio.
In its most recent ShopperScape survey, “women are planning to edge back a little bit more than men,” says Mandy Putnam, VP at Retail Forward. When asked how much they plan to spend in the month ahead, compared to the same time last year, 29% of women say they will spend either somewhat or much less, compared to 21% of men. Only 12% say they plan to spend somewhat or much more, compared to 14% of men.
And with rising gas and food prices cutting deeper into discretionary spending, women in every demographic seem to be holding on tighter to their wallets.
