Despite the cost pressures and supply chain disruptions, the retail industry has remained strong this year thanks to steady consumer spending. Despite the persistently high inflation and the Fed’s interest rate increases, consumer spending was flat in September. Moreover, retail sales rose 8.2% from the year-ago period.
Despite the rising recession fears, the retail industry is expected to perform steadily, thanks to the expansion of e-commerce and higher discretionary income in a red-hot job market. The global apparel market is expected to grow at a CAGR of 6.1% to $768.26 billion by 2026.
