ECONOMIC TRENDS

The economy is currently on the rise. This rise is due to many factors including: low unemployment rate, little in ation, and rising income and wages. Furthermore, the cost of living has changed over the years and consumers are spending more on their living expenses year to year. The average consumer spends a large amount on groceries and going out, and consumers spend even more on housing. Moreover, women tend to spend more on clothing than men do per year. This shift in consumer spending to living expenses has taken a toll on the apparel industry. The apparel industry is on a decline in the business life cycle. One reason is because many clothing companies are closing their brick and mortar stores and creating more online presence. Another reason is because a lot of places such as Sears are not surviving or able to compete with popular competitors. Lastly, apparel companies that aren’t staying up to date with trends and new technologies are losing their consumers and going out of business.