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Agenda-setting intelligence, analysis and advice for the global fashion community.

The Best of BoF 2023: A New Consumer Economy

Spending cooled in 2023 as shoppers grappled with inflation, debt and high mortgage rates. Some retailers were more vulnerable than others. The strongest players are able to meet consumers where they are, through thick and thin.
US retailers’ financial losses jump as retail crime escalates.
Spending cooled in 2023 as shoppers grappled with inflation, debt and high mortgage rates. Some retailers were more vulnerable than others. (Shutterstock)

In the face of relentless inflation, sky-high interest rates, and ever-gloomy consumer sentiment, a clear picture of what’s working in retail — and what isn’t — emerged in 2023.

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