Consumer Edge Reports 3 Percent Decline in U.S. Consumer Spending on Apparel, Accessories and Footwear Year-Over-Year
Athletic Apparel Falls 6 Percent YoY As Established Brands Like Adidas and Nike Decline, While HOKA and Alo Yoga Gained Market Share
Luxury Spending Also Drops, with Gucci and Louis Vuitton Losing Ground, While Resale Platforms Grew 1 Percent YoY Amid Sustainability Trends
Purchases by Middle-Income Consumers Declined More Than Any Other Income Group
NEW YORK, Jan. 13, 2025 /PRNewswire/ -- Consumer Edge ("CE" or the "Company"), the leading provider of global consumer data-driven insights, today released its 2024 Apparel, Accessories and Footwear Report, revealing a 3 percent decline year-over-year in U.S. consumer spending last year. Rising economic pressures, shifting consumer preferences favoring affordability and sustainability and a resurgence in in-person shopping reshaped the market landscape during this period.
Middle-income earners faced the sharpest spending cuts, with their purchases down more than other income groups. Against this backdrop, footwear and athletic apparel categories experienced significant declines, with spending falling 6 percent as established brands like Nike and Adidas struggled to maintain growth, while emergent brands HOKA and Alo Yoga gained market share.
The luxury sector also saw pronounced challenges among both single-brand houses and multi-brand platforms where spending dropped sharply as middle-income consumers turned toward more affordable alternatives. In contrast, resale platforms, including Depop and Vinted, recorded a 1 percent year-over-year increase, reflecting growing consumer interest in sustainability and cost-effective shopping options.
"Despite broader spending declines, brands implementing affordability, sustainability and direct consumer engagement are winning consumer loyalty," said Michael Gunther, Vice President and Head of Insights at Consumer Edge. "Navigating these evolving trends will be essential for companies aiming to adapt and excel in the coming year."
Additional updates from the report include:
- Certain luxury brands lose luster: Spending on high-end brands like Gucci and Louis Vuitton dropped significantly, while jewelry leaders Cartier and Van Cleef & Arpels remained strong, driven by Black Friday / Cyber Monday sales and younger shoppers.
- Brick-and-mortar experiences a resurgence: In-store shopping outpaced e-commerce growth in Q3 and Q4 2024, as rising online return fees pushed shoppers to make in-person purchases.
- Fast fashion is a mixed bag: U.S. spending at Shein exceeded H&M and Zara combined, but the sub-industry dropped 1 percent, reflecting competitive pressures and shifting consumer priorities.
- Niche direct-to-consumer players triumph: Quince emerges as a standout performer in the industry in 2024, leading in growth and consumer resonance with its focus on affordability and quality.
With an eye toward 2025, momentum is building among resale and fast fashion retail. Resale platforms Grailed and Depop are experiencing strong growth and fast fashion began to recover in Q4 2024.
Consumer Edge's 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
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SOURCE Consumer Edge
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