Apparel sales are lagging, except in this fast-growing category | Popgen Tech

December 23, 2022 Popgen Tech apparel, category, fastgrowing, lagging, Popgen, sales, Tech

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When was the last time you bought a new sweater, pair of shoes, or little black dress? For many people, these shopping trips or online orders are much less frequent than they were a few years ago.

A new analyst note from investment research firm UBS shows that customers are far less willing to spend money on clothes.

As first reported by Retail Dive, analysts estimate that consumer interest in spending on “apparel, footwear and accessories” fell 15.7%, while markets for those categories have lagged behind others in growth since at least 2016.

Even the highest earners were still 13.3% less willing to spend on this category of spending.

“U.S. consumers have been putting off their apparel purchases much more than they did a year ago,” wrote Jay Soule, head of the UBS report. “[They] plan to do more sales shopping, buy more brand name items, shop less and shop closer to home.”

This is why we all spend less on clothes

While inflation is often used as a blanket term to blame for everything, the higher cost of clothing is not the biggest and most immediate cause of this change in the way people shop. If in November the consumer price index increased by 7.1%, then in the clothing category – by only 3.6%. This is much lower than, say, food products, which have risen in price by a whopping 12%.

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