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Retailers brace for the return of student loan repayments
What it is: After student loan repayments paused for more than three years, U.S. student loan borrowers will resume payments after August 30th. The resume could make business even harder for upstart brands.
Student loan forgiveness has become a hot topic, with some experts saying it can further exacerbate inflation. Other experts argued that the pause on loan repayments — and the proposed forgiveness plan — helped stimulate the economy by boosting retail purchases. Either way, the return of student loan payments is just the latest economic challenge retailers are grappling with this year.
What brands can learn: Overall, the resumption of loan repayments is projected to have a collective $10 billion monthly impact on retail spending. Younger Americans, who are more impacted by student loans, are going to be more likely to buy less apparel, beauty and skin care products, and alcohol. They are also planning to shift to cheaper brands on essentials like groceries, laundry, and cleaning.
Examples: 1, 2, 3
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