These stores, traditionally associated with older generations, have gained popularity among younger consumers due to high inflation, which has significantly impacted their spending power. According to a report from the Bank of America Institute, younger customers are now spending more on value apparel than older generations. As prices of goods have risen in recent years, these younger shoppers have adapted to finding bargains and building wardrobes on a budget. Even as inflation cools, the trend of shopping at discount retailers seems likely to persist. This is largely due to the appeal of affordable, high-quality products and the recognition of popular brand names. With this growing brand loyalty established at a young age, retailers like TJ Maxx and Ross are expected to see continued success, even as their customers' budgets expand in the future.
Vocabulary:
• Bargain (noun): A deal or low price for something.
• Apparel (noun): Clothing items.
• Retail (noun): The sale of goods directly to the public.
• Outpace (verb): To move or develop faster than someone or something else.
• Sought (adjective): Something that is wanted or desired by many people (from the verb "to seek").
• Wardrobe (noun): A collection of clothes that someone owns or wears.
• Thrifting (noun): The activity of shopping at second-hand stores, often to find bargains or unique clothing items.
• Bullish (adjective): Confident or optimistic about future success, especially in financial markets.
Source: TODAY YouTube channel.