H&M is the latest victim of an alarming shift in consumer behavior

Popular clothing retailer H&M, which operates over 500 stores in the U.S., is beginning to feel the brunt of a major change in consumer behavior. The retailer just revealed in its third-quarter earnings report for 2024 that its customers are starting to pull back on their spending, and it’s having a negative impact on sales.

During the third quarter, H&M’s net sales across all regions declined by 3%, compared to the same time period in 2023. In North and South America specifically, sales shrunk by 2%. The company’s operating profit, which is how much money a company has left after paying expenses, also decreased by 26%. Read more at The Street.