The nation is currently facing a housing crisis with homes being foreclosed at an alarming rate and two of the largest housing loan institutions, Fanny Mae and Freddie Mac, facing bankruptcy. Heads are reeling from this economic chaos. Fashion is also definitely suffering. Especially the the home fashion department.
Due to the fact that huge loans were given to people who could not afford to pay the loans back, many homes have been foreclosed. People are not wanting to spend money on beautiful things to put in their homes, if their homes could possibly be taken away at any time if they fail to pay their mortgage. Its not really responsible to buy expensive furniture and other home fashion if you are struggling to make ends meet. Many Americans today are indeed struggling to pay for everyday necessities.
Even the rich are cutting back on expenses because the economy is not stable right now. Even GM has asked for a government bailout. Who would have guessed it would come to this?
Unfortunately, so many industries are suffering. One would never think that any fashion would fall into that but they are. No one wants to buy expensive furnishing if their is no house to put it in.