What: As Covid-19 restrictions lessen in China, the economy is entering a new phase of recovery.

Why it is important: Insights on China’s recovery are of interest as the country’s reopening provides opportunities for the fashion industry.

Restrictions lifted at the end of 2022 have sparked a new phase of recovery as the Chinese economy hopes to bottom out. However, consumer psychology and market demands have changed dramatically, leaving doubt about when the market will bounce back and when business will return to normal.

The Chinese luxury market may recover faster than expected as it was the least hit by the weakened consumer market. The Chinese New Year strongly boosted luxury consumption in many parts of the country and the sector is expected to see significant growth in the second quarter of 2023 and an annual growth of 15% , which is higher than the global market average of 9%. Global textile and apparel demand is also expected to increase in the second quarter, giving textile companies an opportunity to clear their excess inventories

While almost every city is regaining its former vitality, the industry still faces many challenges. Many brands are in an adjustment phase as they face economic pressure and are advised to focus more on the adjustment than recovery.

China’s footwear market, which is very important for producers and distributors worldwide, will see a wave of increased consumption after the New Year or early April. After the pandemic seriously impacted international brands, experts advise brands to find the right region, customers, and climate as each market has its own climate and culture.

Private enterprises in China are regarded as the roots of the Chinese economy and China’s local fashion enterprises, which are privately owned, have become pillars of the industry. As the private economy has grown and flourished into a pillar of the national economy, the government issued a strategic plan for expanding domestic demand and cultivating a domestic demand system.

While the fashion industry is resilient, uncertainty still remains for 2023 as the world landscape has changed dramatically.

Is China’s fashion industry recovering since COVID-19 restrictions have lifted?

What: The Printemps department store group announces the recruitment of Jean-Baptiste Dacquin as Director of Human Resources.

Why it is important: He will be in charge of the recruitment, mobility, training, Printemps Académie and social relations departments.

Since 2019, he was managing director at Claudie Pierlot. This graduate of EM Normandie began his career in recruitment consulting before joining Kiabi and staying there for twelve years (in HR and operational functions in France and abroad). He joined the SMCP group in 2012, evolving as the group's HRD, then at the head of Claudie Pierlot for three years.

The Printemps group has a new Director of Human Resources

What: K11 is reporting a healthy growth for 2022, overpassing Hong Kong retail market’s one.

Why it is important: The “Art Mall” is all about experience, which might explain such a good performance in the current context.

K11 in Hong Kong reports a +15% growth in revenue and a 100% retail occupancy at the end of the 2022 exercise, with 40 new tenants. The performance is all the more notable in a context where Hong Kong as a whole reports a +0.8% growth in retail.

K11 also reports a +20% in loyalty program memberships.

K11 reports a robust year 2022 in spite of mainland shoppers in Hong 

What: Changing and unpredictable weather patterns are impacting consumers’ behavior as temperatures fluctuate across the globe.

Why it is important: Climate change is making shopping behavior harder to predict, adding to inventory management challenges for brands and retailers.

Weather has always influenced customer spending, but climate change is making weather patterns more unpredictable, making it harder for retailers to merchandise seasonal products and manage inventory.

While it is easy to overlook with warnings of falling sales from big brands, weather has always had an impact on how customers spend. With weather extremes expected to become more regular and intense, it is becoming harder to predict what people will buy and when.

To help tackle this challenge, retailers should have products that can be versatile, keep tight control over inventory levels, and have a supply chain that can react quickly to fluctuations in demand. Many brands are turning toward data-analytics services that help improve inventory planning, match products on shelves, and push digital ads to the kind of weather consumers are experiencing in real-time. Additionally, brands should look to curb their own emissions and reduce environmental impact.

How climate change is transforming the way we shop

What: Avalara’s retail survey showed the top challenges retailers face and how they are committed to making investments in technology to face them.

Why it is important: Technology is becoming a top priority for retailers in helping them solve challenges they are facing and getting ahead for the 2023 shopping season.

The retail solution company, Avalara, conducted a survey of 1,005 retailers within the US, UK, and India in hopes to uncover what retailers have planned for 2023 and what challenges exist.

Avalara found that retailers will continue to focus on automation adoption with one of the highest areas of investment being technology to better forecast demand, followed by streamlined shipping and logistics, and inventory management.

46% of the retailers believe that the economic downturn will be the biggest challenge for their businesses this year and plan to focus on global commerce as a solution. Additionally, retailers in the US are facing ongoing struggles with labor retention and plan to increase incentives and benefits.

Almost all respondents said their omnichannel strategy impacts how they think about the future of their business and 96% have considered the metaverse as a priority in their strategies as it is predicted that a quarter of people will spend an hour a day in the metaverse by 2026.

Avalara advised retailers to start thinking about the 2023 holiday season now as the technology and automation tools that can help forecast demand, streamline labor, and automate customer communication may take up to nine months to implement.

Omnichannel investments are top of mind for retailers in 2023

What: China saw an increase in retail sales during the Chinese New Year as Covid-19 restrictions lessen.

Why it is important: After three years of lockdowns, Chinese consumers are revenge spending, giving hope of an economic recovery and a boost in global growth.

Retail sales during the weeklong Chinese New Year increased more than 12% compared to 2022 holiday season. Positive retail numbers were seen across major retail hubs as pandemic policy relaxed and pent-up demand was unleashed.

In Hainan, China’s duty-free island, daily average sales exceeded 350 million renminbi or USD 51.8 million, tripling pre-pandemic levels. At 12 duty-free shopping centers, sales totaled 2.57 billion renminbi, or USD 380 million.

Additionally, retail sales at key shopping areas increased by 13.7% in Beijing. While brick-and-mortar sales reached 32.3 billion renminbi (USD 4.7 billion) in Shanghai. Sales at popular luxury malls also rose in single digits compared to last year and in Chengdu, sales at key commercial retailers reached 1.174 billion renminbi or USD 173.8 million, a 6% increase from last year.

Luxury brands saw revenge spending similar to what happened after measures were first relaxed in 2021. Louis Vuitton reportedly reached 10 million renminbi (USD 1.48 million) in single-day sales.

Domestic travel has also returned to 88% of its pre-pandemic levels despite a high level of COVID-19 infection rates with Chendgu, Shanghai, and Guangzhou becoming the most popular local travel destinations.

Revenge spending returns for Chinese New Year

What: Creative experiences and a less-standardised approach to operations and design have helped iconic stores like Selfridges, Liberty and Le Bon Marché resist multi-brand retail’s decline.

Why it is important: These stores have key advantages over their American competitors, such as cash-rich backers, being located in tourist hubs and operating on a concessions model. Still, their success is also rooted in better store design, stronger visual merchandising and incorporating higher creativity in the shopping experience.

Differentiating Through Design

A fundamental difference between American and European department stores is store design, from the layout of the space to the materials used for floors and displays to finishing touches like light fixtures and the pictures on the walls.

Given the bottom line-focused mentality of American big-box chains, their approach toward how stores look and feel tends to be very “systematic.” The European stores exude a more creative atmosphere. Rather than vast, open layouts, they are partitioned into rooms or shop-in-shops with varying styles. Variation is key: differences in lighting, openness of space, store furniture and the art that adorn the walls.

Transforming lacklustre interiors into something a bit more special isn’t always a heavy lift. Even small changes can go a long way, such as reducing the number of garments on each clothing rack or varying the lighting. Product displays and tables can be recycled materials or even found objects. Upgrading little details adds to the air of luxury and therefore can augment the value of the products they display, too.

The Shift to Concessions

American department stores are increasingly invoking the European model where they can. Luxury brands like Chanel, for instance, have pushed their American wholesale partners to embrace the concessions model, the common way of operating multi-brand retail in Europe.

For the likes of Neiman Marcus, mixing wholesale and concessions means giving up some control over selection and service. But housing retail locations for anchor names like Louis Vuitton or Nike is a powerful draw for foot traffic, and often more profitable than holding inventory and operating the space themselves. For customers, the brand-operated shop-in-shop is often a more engaging experience, with brand-employed sales associates who are experts on the products.

Commitment to the Experience

“Experiential” may be the ultimate buzzword in retail, but a truly immersive, delightful shopping experience is still somewhat of a rarity. In recent years, certain American department stores have invested in amping up their experiential components. Saks Fifth Avenue in Manhattan opened the only American outpost of popular Parisian bistro L’Avenue in 2019. In 2018, Bloomingdale’s launched a rotating pop-up series in four of its stores.Those moves recall London’s Selfridges strategy of reserving some of its most coveted, visible corner spaces for brand takeovers and art installations rather than merchandise or a shop-in-shop tenant.

Some of these efforts have been effective. But they don’t compare to the frequent and large-scale activations put on by the likes of Le Bon Marché, Selfridges, Harrods and others in Europe. Selfridges on Oxford Street alone offers more than 20 food and beverage options. Last fall, Le Bon Marché put on a two-hour play production inside its store every Friday and Saturday — a run that will pick up again this spring.The goal is to provide customer experiences that evoke an emotional response. By always offering new and unpredictable activations and pop-ups, European department stores ensure that lo cal customers will keep coming back.

What American retailers can learn from European department stores

What: Leaders from LVMH, Neiman Marcus Group, and Harrods discuss what the future looks like for their brands in the current economy

Why it is important: While luxury firms may be more resistant to a recession, they feel the impact of shifting consumer patterns and need a plan to win over consumers, retain existing shoppers, and innovate.

At the National Retail Federation’s Big Show, attendees heard from luxury leaders from LVMH, Neiman Marcus Group, and Harrods. With reports of the luxury sector slowing due to slowing Chinese tourism and consumers shifting their spending habits more on experiences, the retailers discussed what their plans are to tackle the challenging world economy today.

The luxury sector is said to be more resistant to recession, but definitely will not be immune to the effects. LVMH is taking Web3 and innovation seriously as they feel they are prepared for the recession with their financial strength. They also believe that the recession won’t be as impactful as Covid-19 and will continue to see customers return as they did during the pandemic because of the appeal luxury has on consumers to keep them coming back.

Neiman Marcus Group is focusing on growing and strengthening relationships and reaching more people. With 2% of their customers generating 40% of their revenue, their big focus is on how to recruit more people that have that potential and getting more share of their current customers’ wallets. Additionally, they are focusing on getting customers in-store, as they see the average order value increase with customers at their brick-and-mortar locations.

On the contrary, Harrods is focusing on improving their online experience. They partnered with Farfetch to revamp their website in hopes to recreate the same extraordinary experience and feeling customers have in-store, online. Their managing director believes traditional wholesaling in luxury will be replaced by an e-concession model where brands have more control over their future. While the retailer is focusing on technology, they also caution that technology isn’t the end-all be-all and buyers still need to purchase items that are new and intriguing.

Luxury’s play in a challenging world economy 

What: Deloitte asked 50 leaders about expectations regarding challenges and opportunities in the upcoming year to determine the pulse of retail executives and gauge what traits separate leaders from the rest.

Why it is important: According to Deloitte’s findings, the current sentiment is a bit shaky as retailers continue to deal with volatility after undergoing an immense amount of change in a condensed time frame. Only a third of retail executives told Deloitte they are very confident about maintaining or improving profit margins this year.

The changing consumer will be a key challenge in 2023 as two-thirds of executives say they expect price to be more important than brand or retailer loyalty and 90% say consumers will expect seamless shopping experiences across all channels.

At the same time, retail theft is expected to rise, posing a threat to retailers.

Another key issue facing retailers in 2023 is predicted to be labour issues — cited by 70% of retailers to be the number-one challenge this year with hiring and retaining employees becoming a lingering issue and competition for hourly workers remaining fierce.

At the same time, 70% of retailers say that supply chain disruption will impact growth in 2023.

Nearly all executives surveyed say they expect inflation to pressure profit margins. 60% shared predictions for inflation to raise operating costs. And while it has become the norm to pass higher prices on to consumers, many questioned how long the trend will be able to continue, noting hard times for consumers. Nearly all (80%) of the respondents agreed they anticipate consumption in 2023 to diminish because of rising financial concerns.

When discussing potential growth opportunities, 60% of executives said they expect to see strengthening digital commerce offerings with another 60% anticipating consumers using social media platforms to purchase products directly.

Deloitte reveals retail industry outlook for 2023

What: Saks.com is cutting its workforce as a result of overhiring after receiving a $500 million investment in 2021.

Why it is important: Given the low holiday 2022 sales, layoffs and cutbacks could soon be hitting the retail sector.

Saks.com is expected to reveal layoffs and cutting its workforce after overhiring in 2021 when they received a $500 million investment. The layoffs appear to be a result of a significant buildup in technology, staff, and assortments that occurred when Saks.com became its own company, in addition to the slowing rate of digital sales throughout the industry.

Sources believe that the company is more than likely looking to manage costs more in line with sales expectations.

Saks.com cutting staff 

What: Instagram is removing its “Shop” tab from the homepage navigation to change the way consumers access commerce in its app.

Why it is important: Commerce remains important for Instagram as they make it is easier for people to discover and shop products throughout the app from feed, stories, reels and innovation.

Instagram said that the navigation bar update, which also includes moving the content creation button to the centre, is part of an effort to make it easier for people to share and connect with their friends and interests.

As Meta finds its footing in the social commerce space, some data suggest the channel could grow faster than e-commerce overall. Gen Z and millennial consumers are predicted to lead growth, accounting for 62% of global social commerce spend by 2025.

Instagram to remove shopping tab

What: High profile retailers including Harrods, Harvey Nichols and Burberry’s flagship store said shopper numbers approached 2019 levels in the area in the first week of the post-Christmas sales.

Why it is important: Local footfall was 45% higher between 26 December and 2 January than the same week the previous year. It was also just 1% short of equivalent numbers in the pre-pandemic 2019 period. Knightsbridge shopper numbers were the busiest on the first day of the Boxing Day sales than on any other during the week, the report also said.

The numbers were also supported by strong footfall in the week before Christmas, with shopper visits increasing 18.8% in the area compared to the previous pre-Christmas week. The numbers were also well ahead of the wider London trend where visits were 3.4% lower.

However, the Knightsbridge Partnership also called on the government to think about how the area competes with the likes of Paris and Milan, which currently offer incentives, such as tax-free shopping, to consumers.

London's Knightsbridge footfall almost back to 2019 levels

What: John Lewis launched a new Beauty & Wellness report that focuses on key beauty trends for 2023.

Why it is important: Retailers could see success with beauty products focused on mushrooms and skin HIIT as they are expected to be the top beauty trends for 2023.

John Lewis has reported that mushroom ingredients, skin health, fast-but-transformative beauty routines, and makeup that enhances rather than covers will be the top beauty trends for 2023.

Many beauty brands have already created products that incorporate mushroom as an ingredient with Origins’ mushroom range leading with a 36% sales increase for the Mega Mushroom Mist and 32% increase for its Eye Cream.

Consumers are also looking for skincare regimes that will protect and build the skin barrier which John Lewis refers to as “skin HIIT.” Google Analytics showed that the term ‘Skin Barrier’ has almost doubled in popularity each year.

Other trends include ‘daily me-time’ which has resulted in an increase of sales for nail polish, face masks, and lip oils, glowing skin, products with long-lasting protection, and haircare.

John Lewis beauty trends forecast takes in mushrooms, skin HIIT

What: The reopening of China to the world allows many industries to wake up and see normal levels of traffic again.

Why it is important: The perspective of vouchers distribution at the national level might very well trickle down and encourage a consumption boom in the country.

Xinhua reports that following the downgrade of Covid-19-related regulations in China, restaurants, malls and cinemas, now fully reopened, witness a rise in terms of footfall, up to 75% of pre-pandemic levels in cinemas for instance.

Overall, the consumption is boosted by the ice-snow industry boom following the Winter Olympic games, which also helps the domestic flight and hospitality industries. When it comes to retail, it is expected that residents increase their consumption per capita from 8 to 12%, and total retail sales increase anywhere between 7 and 11%. It is also expected that China, following example from many other countries, step up the issuance of consumption vouchers, a practice that was already done at the local level, for a total value of $3.3bn, and it is expected that the total figure might quintuple that amount.

China’s consumption on the rise after Covid response shift 

What: SMCP has created an academy to make the store associate role more exciting and modern in hopes to find a solution for its stores’ staffing problem.

Why it is important: Fashion companies are facing challenges in hiring and retaining in-store associates in a post-pandemic world where employees have new demands regarding compensation, purpose, and more.

SMCP Group has created an academy for sales associates in partnership with Parisian schools. The program will train participants on communicating with customers, livestreaming, and how to offer styling advice. The group hopes that the academy will help tackle its in-store staffing problem, while also giving them the opportunity to diversify its talent pool and evolve the sales associate role to be more exciting and modern.

Employees now expect more out of their employer and have new demands around compensation and purpose, which has made it difficult for retailers to fill their sales associate positions. Many retailers have raised their hourly wages while some companies have tried to make schedules more flexible. Around 80% of global business leaders in retail or similar industries said frontline turnover has increased and employees are rejecting conditions that went unchallenged just two years ago.

In addition to the high turnover and higher demands, consumers also expect more out of salespeople, making the need to retain and attract employees even higher. Many consumers want sales associates to love fashion as much as they do and know the happenings in the industry. SMCP’s Retail Lab will be a great way for the company to retain employees and to educate future employees while also giving them the tools necessary to become successful.

How brands can create retail jobs people actually want

What: Canadian e-commerce operation, The Bay, is laying off 250 corporate workers.

Why it is important: With sales softening and the possibility of a recession, layoffs are starting to hit the retail sector.

The Bay, which is part of the HBC portfolio of retail businesses, will be laying off about 250 of its corporate workers at its Toronto headquarters. The brand split off from Hudson Bay in 2021 to drive a digital-first agenda, similar to Saks Fifth Avenue and Saks Off Fifth which are also a part of HBC and laid off 100 workers at Saks.com earlier this month.

The layoffs occurring at HBC are across various corporate functions as The Bay states that it’s realigning strategic priorities and increasing efficiencies within its operations. The 250 employees at The Bay represent 2% of the workforce while the 100 employees at Saks.com were about 3.5%.

While retail has steered clear from layoffs up until this month, the cuts happening at The Bay and Saks.com could be a sign of what’s to come in the industry. As the recession looms overhead, industry experts believe that this could just be the beginning and other retailers could start laying off executive positions, rather than sales associates, to cut costs and meet sales expectations.

The Bay triggers 250 layoffs

What: Nordstrom experienced a tougher holiday season than expected, leading to the company having to lower its outlook fiscal 2022.

Why it is important: With lower-than-expected sales, it’s becoming clear that consumers are being more selective with their spending given the impending recession

The Seattle-based retailer had a tough holiday season with intensified markdowns and sales lower than anticipated. Net sales decreased 3.5% for the nine-week holiday period in comparison to the prior year.

By division, Nordstrom’s net sales decreased 1.7% and net sales at Nordstrom Rack decreased by 7.6%. As a result, the stock fell more than 6% in after-market trading.

The company did state that its inventories are in better shape and healthy which will allow them to react quickly to the changing consumer demand as they continue to enhance their customer experience and further optimize their supply chain.

Nordstrom loses ground during holiday season 

What: Department stores are reducing the operation expenses related to VIP management.

Why it is important: In an inflationary context, this might make sense from a P&L point of view but could create issues with customers who will not feel supported anymore and might be tempted to find other ways to spend their money.

South Korean department stores have reduced benefits for top-spending VIP customers as they are becoming too costly.

Lotte has changed for the first time in 20 years its VIP program, reducing the number of classification categories and the number of mid-level VIP customers.

Hyundai has increased its minimum yearly spent amount to claim for VIP benefits from $31,520 to $48.860 and for higher level VIC from $63,800 to $95,700.

Finally, Shinsegae does not give away free drinks to entry-level VIP customers.

This is due to the fact that the number of VIP customers has surged so  much in the past 2 years that supporting their benefits is becoming unsustainable for department stores’ P&L.

South Korean department stores reduce VIP benefits 

What: Hong Kong’s retail sales unexpectedly dropped in November by the most in 8 months as the city struggled to shake off the lingering effects of its pandemic-era controls and a slowing global economy.

Why it is important: Hong Kong's retail sales value fell 4.2% from a year ago. Sales volume decreased 5.3%, compared with economists’ expectations of a 3.3% rise, with a government spokesman saying in a statement that the retail business had “softened” in November.

Hong Kong’s retail landlords are bracing for a further squeeze on the lowest rents in more than a decade as tenants seek relief in the aftermath of the city’s worst Covid outbreak. The drop that month may be due to Hong Kong’s reopening of its international border.

A long-awaited reopening of Hong Kong’s border with mainland China is likely to boost the economy and lift retail sales in the coming months. City leaders have said they intend to start that reopening by the middle of this month.

Hong Kong’s retail sales surprise drop in November

What: House of Fraser is closing down its last city centre location in London.

Why it is important: This follows a general resizing of the department store's presence in the capital city, with the total exit of House of Fraser, the bankruptcy of Debenhams, the announced closures of Fenwick on Bond Street and John Lewis in Oxford Street.

House of Fraser has now completely disappeared from Central London with the closure of its last location in Westfield Shopping Center. The 11,500 sqm has been taken over by a nightclub, which will turn the location into flexible offices, a gym for fitness raves, a members-only club and a restaurant.

House of Fraser closed its Oxford Street location early 2022, which means that the closest to city centre location is now the Croydon store in the suburbs. House of Fraser now has 30 stores in the UK, down from 60 in 2018 when it was purchased by Frasers Group for £90m.

House of Frasers closes its last location in London

What: Google Cloud is rolling out four new and updated AI technologies to help retailers transform their in-store, shelf-checking processes and enhance their e-commerce sites with more fluid and natural online shopping experiences for customers.

Why it is important: These solutions and upgrades come in response to the challenges retailers and brands encountered with supply chain disruptions and inventory issues.

The shelf-checking AI solution, which is built on Google Cloud’s Veex AI Vision, utilizes Google’s database of facts about people, places and things, giving retailers the ability to recognize billions of products to ensure in-store shelves are right-sized and well-stocked.

The company also said there was an update to its Discovery AI solutions while introducing a new personalization AI capability and new Browse AI feature to help retailers upgrade their digital storefronts with more dynamic and intuitive shopping experiences.

Finally, Google Cloud’s Recommendations AI solution features new machine learning capabilities that empower retailers to dynamically optimize product ordering and recommendations panels on their e-commerce pages and deliver personalized suggestions for repeat purchases.

Google Cloud rolls out AI self-checking solution

What: Data shows ongoing workforce issues across retail and service-related business segments.

Why it is important: Prioritizing investments in technology to empower frontline workers and improve their work lives will deliver a better customer experience and increase efficiency.

Data has shown that workforce shortages are occurring across retail and service-related business segments. Businesses are open to using to technology to address workforce issues, but can’t commit to making the investments needed.

74% of executives said frontline employees are rejecting work conditions that went unchallenged two years ago, while 80% said frontline turnover has increased. The study also revealed that 80% want to leverage technology to improve the frontline experience but struggle to prioritize digital investments.

Prioritizing the frontline employee experience and investing in technology to improve this experience will lead to a better work life for employees and is also key to achieving business goals, growing revenue, retaining associates, increasing efficiency and delivering a better customer experience.

Retailers continue to struggle with workforce issues

What: UK retail sales fell unexpectedly last month, capping the worst year on record

Why it is important: Retailers should prepare for the looming recession as consumers are cutting back on spending due to inflation

The volume of goods purchased in shops and online fell 5.8% from a year ago, the sharpest December decline since records began in 1977. Economists had originally expected a 4 percent drop but with inflation, consumers are cutting back on spending due to affordability concerns. Experts suggest that consumer spending will remain under pressure going forward with the rising cost of living and increased food prices.

Retailers reported a mixed picture about sales before the official figures were released. Some companies such as Next Plc and Marks & Spencers had better-than-expected holiday sales while others like Dr Martens and ASOS struggled.

In comparison to pre-Covid levels, consumers are having to pay more to buy less as sales were reported 13.6% higher in value terms but volumes were 1.7% lower

UK retail sales had worst year on record in spending squeeze

What: The WSJ considers that 2023 might be, relatively speaking, more difficult for the rich than usual in a recession scenario.

Why it is important: For one, the US job market structure is specific and might not be the same in Europe. Second, if the WSJ prediction realises, this could lead to a generalized crunch where rich customers do not spend for fear of the future.

For the WSJ, while economic downturns usually hurt mostly the poor people, the 2023 downturn, if it turns into a recession, might unusually hit the richer harder than usual.

When comparing the evolution of income by social classes, it appears that the lower classes have benefitted more from the governments’ relief policies than the higher ones, meaning that the richest people are not particularly better-off when compared to the beginning of the pandemic (note: this reasoning is valid if one does not consider the money saved during the lockdown periods).

In addition, the recent wave of layoffs in the tech industry includes a significant amount of former employees with a heavy pay check, in a context where, due to the structure of the US market, a recession might not mean a crisis on the job market for the lower classes.

As a consequence, for the reporter, the well-off customers might be more reluctant to spend in 2023, which will naturally impact retailers catering for their needs.

Get ready for the Richcession