ARTHUR GOLDSTUCK: Global consumer spending shifts from shopping to travel
Analysis of global spending data has revealed a massive shift in spending patterns, particularly among travellers. Clothes buying is falling globally, shopping in stores is slowing down, and people are directing discretionary spending more at experiences than material possessions. These were some of the findings revealed by Sarah Quinlan, senior vice- president for market insights at Mastercard, speaking during the World Cities Summit in Singapore this week. "I don't shop anymore, we don't shop anymore," she said. "Americans have stopped buying clothes, and apparel spending is dropping worldwide. The first reason is that we dress more casually for work. The second thing is that we no longer value clothes as much. "It's not yet the death of retail, but it's a fact that we don't buy as much goods in stores. So they have to offer more than shopping. They have to answer the question, how do you keep us occupied?" It's not that people are spending less, though. It's that they are spendin...
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