Even in the face of high inflation, Americans are still spending money on “discretionary” items. In this case, we’re not talking about things like homes and vehicles. We’re always buying those. But it turns out we like our clothing, especially if it’s trendy, and we’re buying a lot of it.
Here’s Five Fast Facts on Americans’ Fashion Focus:
- 👕 Machine Wash - According to the U.S. Bureau of Economic Analysis, we’re spending more than $1T more on fashion than we did a year earlier.
- 👚 Dry Clean - Trendy sellers like Abercrombie & Fitch, Hollister, and Lululemon have been seeing double-digit sales growth every three months.
- 👖Wrinkle Free - But clothing sales aren’t booming everywhere. Once reliable sellers like Gap, Express, Kohl’s, and Macy’s are still struggling to move goods.
- 👔 No Iron - If there’s an outlier, amongst those retailers, it’s TJ Maxx. The discount chain reported an impressive 7.7% increase between April and June of this year. Experts say the retailer’s random selection of luxury and popular brands at lower prices are the perfect combination to get customers to whip out the debit cards.
- 📱 Air Dry - The only thing we’re buying more? Tech. That really shouldn’t be a surprise since it seems like they’re dropping new cell phones and watches every day.
🔥Bottom line: When it comes to spending on certain essential products, it looks like we’re only interested in complaining about inflation. High prices aren’t slowing folks down when it comes to buying up those fancy leggings or Gucci bags.
Why do you think people are going wild spending on fashion?
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