Consuming fashion

US consumers spend on average USD 1,100 per year on apparel, footwear and accessories. That is a 26% increase since 2010 or about 2% per year. Most spending growth has come from volume and not from higher prices as the number of items bought by consumers increased 18% from 50 to 59 since 2010. In fact, on average, apparel, accessories and footwear have become cheaper when adjusted for increases in purchasing power of consumers. The combination of buying more items, lower real prices and easy access through digital channels might point to fashion becoming a consumption item instead of a durable good.

Source: Euromonitor, Bernstein, September 2023.