Consumer Edge Reports 4 Percent Decrease in Overall U.S. Consumer Spending on Apparel, Accessories, and Footwear Year-to-Date for 2024 as Brands Navigate Changing Consumer Preferences

Affordable Brand SHEIN and Resale Platforms Depop and Grailed Thrive Amid Spending Shift

Trendy, Digitally Native Labels Like Alo Yoga and Vuori Continue to Gain Ground with High-Quality Lifestyle Appeal

Sustainable Brands Like Quince, AYR and Sezane Tap Into Quiet Luxury Trend as Shoppers Opt for Quality Over Quantity

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Consumer Edge ("CE" or the "Company"), the leading provider of global consumer data-driven insights, today shared findings from its 2024 year-to-date Apparel, Accessories and Footwear Digest, revealing that U.S. consumer spending in the sector is lagging, with overall year-to-date spend down nearly 4 percent as of October 2024.

The footwear and athletic apparel and luggage and travel accessories categories have been hit hard, experiencing year-over-year drops of 7 percent and 6 percent, respectively. While inflationary pressures have started to ease, the still-high prices continue to strain consumer wallets, shifting spending away from discretionary categories (such as travel, entertainment and apparel) and more toward necessities.

Additional insights from the report include:

• Fast fashion stands out: Driven by demand for low-cost fashion, fast fashion brands, such as SHEIN, are experiencing positive year-over-year growth. This trend reflects consumers' increasing preference to find affordable ways to stay current with fashion trends.
• Resale platforms see strong gains: Resale platforms Depop and Grailed were among the top five performers in the overall apparel space, with both seeing significant expansion in their shopper bases. These full circle fashion platforms resonate with Millennial and Gen Z shoppers who favor sustainable consumption and lower price points. Both platforms have grown their shopper bases by over 60 percent year-to-date, far outpacing traditional apparel categories.
• Men's apparel shows resilience: Men's fashion brands, such as Buck Mason, are performing well, attracting consumers with quality, versatile pieces at accessible prices, even amid tightened budgets.
• Value-oriented, sustainable brands are on the rise: Brands focused on affordable luxury and sustainable basics, including Quince, AYR and Sezane, saw robust growth as consumers shifted to timeless, quality-driven pieces.

"Despite the broader slowdown in apparel spending, we're seeing distinct areas of resilience in the industry," said Michael Gunther, Vice President and Head of Insights at Consumer Edge. "The growth of fast fashion, rise of resale platforms and appeal of lifestyle-centric athletic brands all point to evolving consumer preferences that offer retailers valuable direction as we approach the holiday season."

A key differentiator for this year's standout performers has been their ability to continue growing their shopper bases. Brands like Alo Yoga, along with resale platforms Depop and Grailed, have demonstrated significant gains in shopper acquisition. While the overall apparel sector experienced mid-single-digit declines in year-over-year shopper counts, Grailed grew its shopper base by more than 80 percent, with Depop and Alo Yoga following closely behind at approximately 70 percent and 50 percent, respectively. In contrast, legacy athletic wear brands like Lululemon experienced modest declines, while lifestyle brand Urban Outfitters lost over 15 percent of its shoppers, contributing to the broader challenges facing the industry.

The full Apparel, Accessories and Footwear Digest can be read here.

About Consumer Edge
Consumer Edge ("CE") provides data-driven insights focused on the global consumer. Founded in 2009 by CEO Bill Pecoriello, CE is a data and insights as a service (IaaS) company delivering unparalleled views into global consumer spending behavior coupled with deep industry knowledge and analytical expertise. CE solutions provide key stakeholders across the corporate and investment landscapes with best-in-class tools to enable enhanced strategic decision-making. CE's unique capabilities allow for actionable insights driven by near-real-time market intelligence and benchmarking at the product, brand, sub-industry and industry levels. For more information, visit consumeredge.com.

Media Contacts
Raquel Cona / Michaela Fawcett
KCSA Strategic Communications
rcona@kcsa.com / mfawcett@kcsa.com

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SOURCE Consumer Edge