It’s Not Just Retail That’s Changing. It’s Us.
Technology keeps people too busy to go to the mall, and
gives them an alternative to buying lots of stuff.
Bloomberg June 7, 2017
Despite record highs in the markets, bad news about consumers has been relentless: malls are closing; consumers have accumulated too much debt; incomes are stagnant. None of this bodes well for future consumer spending and economic growth.
This is the established narrative — fairly straightforward, based on well-understood data.
I suspect it is also wrong.
Originally: It’s Not Just Retail That’s Changing. It’s Us.