Nike to Cut 2% of Workforce in Cost-Cutting Move

Nike is laying off over 1,500 employees, citing ongoing financial pressures on consumers and weakening demand for its products. The company's CEO attributes the decision to a broader restructuring plan aimed at reigniting growth. Consumer spending has been impacted by cautious behavior and trading down to lower-cost brands due to high inflation, with 69% reducing nonessential retail spending. While there are signs of decreasing inflation expectations, consumer habits continue to prioritize essential spending over nonessential retail purchases, posing ongoing challenges for brands like Nike.