While consumer spending is tipped to come under pressure in 2023, the head of Cue Clothing Co, Justin Levis, is optimistic about the year.
Cue Clothing Co executive director Justin Levis is counting on social butterflies excited by the resumption of events to keep the womenswear retailer’s cash registers ticking, even as sharply higher interest rates burden household spending.
But with socialising back and more weddings and parties booked, women’s fashion is in a better place than it has been for years. “The way we’re approaching it is very different. There’s definitely a more casual element ... but people still want to feel good, and they want to go out. I think everyone is sick of just being cooped up for so long,” he said.So far, consumers are holding up. Many at the lower end of the earning scale are having to spend more of their income on everyday items such as rent, groceries and fuel, but employment remains high.
“We’re currently seeing a lot of customers come in to restock on summer essentials such as shorts, AIRism T-shirts and premium linen, but we’ve also seen some customers purchase key items for the cooler climates for their overseas holidays, such as our popular HEATTECH range or our Ultra-Light Down range, which is one of Uniqlo’s iconic categories,” he toldJPMorgan analyst Bryan Raymond noted Christmas and Boxing Day sales were mixed across discretionary categories, but most benefited from high...
While consumers were still broadly spending, they were cautious of a decline this year as cost of living pressures bite, the analysts said.Mr Levis said he was hopeful supply chain kinks had been ironed out, but in the lead-up to Christmas there were issues such as getting zippers and linings from partners inIn 2019, before COVID-19, Cue group was generating sales of about $180 million a year.
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