Colorful suits and bold makeup: As people splurge on dressing up again, retailers like Macy's and Ulta are benefiting

Colorful suits and bold makeup: As people splurge on dressing up again, retailers like Macy's and Ulta are benefiting

May 27, 2022 by CNBC

Key Facts

  • It's a psychology: 'I want to go do things and I need new stuff to wear'," Jan Kniffen, CEO of retail consultancy J Rogers Kniffen Worldwide, said in an interview on CNBC's "Squawk Box" this week.
  • Kniffen said people are more likely to try and save on groceries, where cheaper options might not be that different in quality from name brands: "Substitution is so easy in the grocery space," he said.
  • Clothing retailer Express is also benefitting from people's eagerness to get out and dress up again, with same-store sales up 31% in the quarter.
  • Abercrombie & Fitch also said inventory was up 45% in its fiscal first quarter from a year ago and cut its sales forecast for the year.

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