South Plainfield, NJ (PRWEB) October 24, 2013
For 2013-14, you need to do more than hoping for all boats rising in a great economy. GDP will grow very modestly, in the 2.5% range, and the official employment numbers will creep up ever so slightly. The critical Millennials and Generation Z will continue to face employment challenges, as a large percentage will continue to draw on parental support, and certainly constraining their shopping for work clothes. Employment participation rates are at the lowest level in 34 years, especially among the younger generation.
Why the switch from teen dream to nightmare? According to the US Bureau of Labor Statistics, in July 2013 the youth (16 to 24 years old) employment rate was only 50.7%, leaving one out of two without a paycheck. When they do spend, their main priorities are smartphones and electronics. Except for that, the trend this year is frugality: young adults are checking the price tag twice, even over a mere dollar or two.
Brands Vs. Value:
American Eagle, Aeropostale, and Abercrombie & Fitch stumbled in the second quarter and face an even rougher fall. Why? Fickle teen shoppers are spending on affordable fashion at Zara, Forever 21, Gap, and H&M, not the logo-centric retailers. Cheap is the new chicby necessity..
At the other end of the market, the rich keep getting richer. Luxury prices soared due to demand, and also higher costs for raw materials, marketing, and labor in Asia. Contrary to the general trend, the ranks of high net worth individuals grew 9.2% in 2012 to 12 million people, according to Capgemini. On August 30, 2013, Herm