Americans are slowing down their shopping sprees
Traditional retail is having a tough go of it lately. Declining sales, pressure from online stores, and the fickle tastes of young people have all pressured the old guard of shopping.
On Tuesday, Bank of America Merrill Lynch had some more bad news for the mall stalwarts: No one wants to buy goods anymore.
Using the aggregated data of those with Bank of America debit cards and credit cards, US economist Michelle Meyer identified a growing trend in customers' spending habits: Instead of purchasing goods, more and more Americans are putting their incomes toward experiences.
"We show an assortment of categories in the Chart of the Month and observe the following themes: softness in housing-related items; continued shift away from department stores and teen & young adult clothing; strength in sporting goods; and an increase in spending on travel and restaurants," Meyer and her team wrote in a note to clients on Tuesday.
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