In 2022, Vegan Fashion Week, founded by Emmanuelle Rienda from France, joined forces with Ukrainian Fashion Week, creating a remarkable event that took place amidst the ongoing conflict between Russia and Ukraine.

While the location for the 2023 edition remains undisclosed, Emmanuelle Rienda shared that the event will encompass captivating fashion exhibitions, featuring the latest collections from international designers. The program will also include inspiring segments emphasizing the positive influence of cruelty-free fashion on our planet. Rienda expressed her anticipation for an unforgettable celebration of style, compassion, and the transformative power of sustainable fashion.

Under the theme of 'Harmony' for this year's event, Vegan Fashion Week aims to illuminate the interconnectedness between people, animals, and the planet. The goal is to showcase how sustainable fashion and lifestyle choices can contribute to fostering a harmonious coexistence.

Photo：www.vogue.com

US consumer spending accelerates; declining savings a red flag

In July, consumer spending in the United States witnessed its most significant increase in six months, driven by higher purchases of goods and services. However, the slowdown in monthly inflation rates solidified expectations that the Federal Reserve would maintain unchanged interest rates in the upcoming month.

The report released by the Commerce Department on Thursday, coupled with additional data indicating an unexpected decrease in initial claims for unemployment benefits last week, further reduced the likelihood of a recession occurring this year.

Nevertheless, the present rate of growth in consumer spending is improbable to be sustainable. Households are depleting their surplus savings that were accumulated during the Covid-19 pandemic. Additionally, millions of Americans will have to resume repaying their student debts starting in October, while increased borrowing costs might pose challenges for consumers relying on credit cards to finance their purchases.

Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, stated, "Americans continue to spend. The notion of a 'soft landing' still stands, but there are cautionary signals emerging from consumers as the savings rate continues to decline."

Last month, consumer spending, which plays a significant role in driving the U.S. economy, saw a 0.8% increase. The data for June was also revised slightly higher, indicating spending rose by 0.6% instead of the previously reported 0.5%. Economists had predicted a 0.7% increase in spending.

The rise in spending on goods last month, up by 0.7%, was primarily driven by purchases of items with a short lifespan, including pharmaceuticals, recreational products, groceries, and clothing. Additionally, there were notable increases in spending on recreational goods, vehicles, household furnishings, equipment, and other durable goods.

Spending on services experienced a 0.8% increase, primarily influenced by the demand for portfolio management and investment advice services, housing and utilities, restaurants, and healthcare. However, despite the anticipation surrounding movie releases such as "Barbie" and "Oppenheimer," as well as concerts featuring popular artists like Taylor Swift, the growth in spending on recreation services remained modest.

Veronica Clark, an economist at Citigroup in New York, suggested that this situation could indicate potential upside risks for services consumption in August.

The decline in the saving rate to 3.5% in the previous month, marking the lowest level since November 2022, suggests a less optimistic outlook for consumer spending. In June, the saving rate stood at 4.3%. A portion of the decrease in July can be attributed to increased taxes, resulting in a 0.2% decline in household income after adjusting for inflation.

Photo：us.fashionnetwork.com

Back-to-school US spending set to hit record high in 2023

Despite the impending resumption of student debt repayments on October 1, which will put a strain on the budgets of many Americans, the back-to-school shopping season in 2023 is projected to be the most costly to date. According to the National Retail Federation, a retail trade organization, spending is expected to exceed $135 billion, surpassing last year's figures by over $24 billion.

Chip West, an expert in retail and consumer behavior at Vericast, commented that consumers are finding ways to purchase the products and services they desire, despite the financial and economic challenges they may face.

According to Melissa Cohen, a former vice president of production at Polo Ralph Lauren and the founder of MBC Consulting Solutions, jorts (denim jean shorts) have become an enduring trend that continues to thrive. She states, "They are unquestionably one of the hottest apparel items for teens and tweens."

Nikki Mcneri, a social media influencer from Georgia, also attributes the popularity of jorts to the weather. She explains, "People are reluctant to give up wearing their favorite jorts from the summer, especially when the weather is still hot." Mcneri personally acquires jorts from thrift stores or Urban Outfitters, with prices ranging from $5 to $90.

This summer, the United States witnessed record-breaking temperatures, leading to devastating forest fires, water shortages, and an increase in heat-related hospital admissions. Scientists have linked these extreme weather conditions to climate change induced by human activities.

The surge in popularity of transparent backpacks this year can be attributed to concerns about the safety of children carrying weapons, leading to an increasing number of U.S. schools mandating their use.

Leslie Sparacello, a school superintendent in Austin, Texas, who previously enforced the use of clear backpacks, stated, "The larger the school, the more they are needed." However, she also mentioned that there have been issues with the durability of plastic materials, prompting some schools to opt for mesh alternatives.

Calvin McDonald, the CEO of Lululemon, a Canadian-based athletic apparel company, highlighted the significance of bags as top-selling items this quarter, although he did not explicitly mention clear backpacks. Lululemon's Clear Backpack Mini, priced at $68, was reported as "sold out" on their U.S. website as of Friday.

Walmart, a major retailer, reported stronger-than-expected sales of back-to-school items in their most recent quarter ending in July. A spokesperson for the company revealed that demand for clear backpacks has been increasing over the past two back-to-school seasons, particularly in Texas, Florida, and Mississippi. Walmart has dedicated a separate section under the backpack category on its website for clear backpacks, with prices starting at $4.89.

Similarly, Best Buy's Chief Financial Officer, Matthew Bilunas, stated on Tuesday that the demand for electronics during the back-to-school shopping season was "slightly better than anticipated." He also noted that back-to-school shopping has been extending further into the season and continuing later than usual.

Photo：www.reuters.com