With Father’s Day on Sunday, you might still be contemplating what to get the men you are honoring this Holiday. You’ve surprised him with everything from power tools to golf clubs; you’re drawing a blank for this year’s gift…with time running out quickly! (eek) Start with asking yourself these two questions:
- Is Dad’s wardrobe stuck in the 60’s, 70’s or 80’s?
- Do leisure suits, blue suede shoes, college team t-shirts with holes and PONY sneakers line Dad’s closet?
If you answered ‘yes’ to either of these questions, then this is the year to spruce up Dad’s attire…while stimulating the U.S. economy!
As mentioned in our blog from Monday, leading the losses last quarter were footwear, down 20%, and menswear, down 19%. Year-over-year U.S. containerized imports from Asia declined 1.6% in April, with shipments from China at the forefront, down 3%, due to reduced footwear and apparel shipments. “It appears retailers are keeping inventories of footwear and apparel ultra-lean as the economy loses momentum and employers reduce hiring,” said Journal of Commerce Economist, Mario O. Moreno. If inflation falls further later this year, we may see some growth in retail sales but as long as high unemployment and sluggish wage growth dampen confidence, spending will remain tight.
Happy Father’s Day from PIERS, enjoy the weekend!