Who’s afraid of inflation? Not America’s mid-market shoppers.
Retailers that cater to this customer base are having a good earnings season. Macy’s, Nordstrom and Ralph Lauren are among those that have bucked the slowdown in consumer spending to report better than expected results this week.
On Thursday, Macy’s raised its full-year profit outlook after more than doubling its net income during its fiscal first quarter. The US department store operator, which also owns Bloomingdale’s, said formal wear is back in demand. Shoppers have been “revenge spending” as a reaction against the miseries of the pandemic. That has allowed Macy’s to sell more products at full price.
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