This comes as multiple reports show consumers are pulling back on spending overall, with high inflation and uncertainty about the trade war weighing on sentiments.
These pressures mean households are being more cautious with their budgeting to prioritize important essentials like food and clothing, and putting off non-essential purchases for longer.
“It’s more about the affordability, and they’re not the only one who’s sort of making this change. It seems like retailers are reading the room,” says Bruce Winder, a retail analyst and president at Bruce Winder Retail.