Investors were selling ahead of the final rush of pre-Christmas shopping.
“The stellar growth in 2021 will be that much more difficult to match because of mounting challenges, including supply constraints, labor shortages, increasing input costs and new emerging coronavirus variants,” said debt watchdog Moody’s Investors Service in a recent outlook. “The pent-up demand we have seen for goods this year is also at risk of reversing to the extent consumers return to pre-pandemic spending patterns on categories such as commuting expenses and leisure activities.
A lot of companies in fashion spent 2020 reinventing and planning to first survive and then thrive post-pandemic. The pandemic didn’t end in 2021, but consumers did spend enough to make it look like those plans to capture them were working.Many fashion stocks took a hit headed into the final week of holiday selling.
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