The most recent ‘Future of Apparel’ report from market research company NPD found that consumers increasingly plan to buy apparel tailored to a specific need. Sales of sweatshirts, outerwear, and dresses are expected to grow in the fourth quarter, versus last year.
Amid economic uncertainties heading into the holiday season, fourth-quarter apparel industry sales are expected to decline in the US. With average prices forecasted to rise 2 per cent, dollar sales may fall by 1 per cent, according to the NPD Group. Consumers also said ‘lower prices’ were the most important factor for their future apparel purchase decisions.
Along with being more selective in their purchases, many consumers are invoking cost-saving measures. Last quarter, 41 per cent of consumers reported that they had to forgo buying apparel to purchase products in another category – an increase of 5 points since the beginning of the year.
Consumers also said ‘lower prices’ were the most important factor for their future apparel purchase decisions. Exploring alternative buying options, nearly 45 per cent of consumers bought apparel on a resale platform in the third quarter, rising 2 points since the first quarter, added the report.
“As brands and retailers kicked off holiday promotions before Halloween costumes were purchased, we can expect an elongated holiday selling season for the apparel industry,” said Maria Rugolo, apparel industry analyst at NPD. “In the face of rising prices, the fourth quarter will be a balancing act as shoppers prioritise the areas where they will trade down, pull back, or invest, causing them to be more prudent in their apparel spending. Wardrobe needs, stemming from replacement or replenishment purchases and a return to social gatherings, will prompt consumers to invest in certain aspects of their wardrobe this holiday season.”
Fibre2Fashion News Desk (NB)
