Fashion retailers held on to gains in May, but worries are mounting with a bear market and high inflation.
But with prices rising at a rate not seen in 40 years and Wall Street now officially in bear market territory, the concern is that a recession that could hurt everybody is in the offing.
“It looks like inflation has finally caught up to consumers and they are starting to pull back on their spending,” said Natalie Kotlyar, national leader of BDO’s Retail & Consumer Products practice. “Given that the monthly retail sales data is not adjusted for inflation, this decline means that consumers are spending significantly less than we would expect to see at a normal inflation rate of 2 percent to 3 percent.
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