US Apparel Industry To Grow 20 %
US apparel and accessories sales growth are poised to increase by a steady 20 per cent over the next four years compared to less than 10 per cent just six years ago, according to a research report.
The report mentioned that “an additional 50 billion US dollar of sales will migrate online over the next four years, a revenue base equivalent to apparel and accessories sales for Macy’s, Nordstrom and Kohl’s in all channels combined. At that rate, online penetration of the apparel and accessories category will reach 25 percent in four years, with further adoption across the age and income spectrum.”
Older millennials (ages 25 to 34) are more likely than any other generation to spend most of their clothing budget online. The research found that nearly 35 per cent of millennials already spend most of their apparel budget online. That compares to roughly 30 per cent for those between ages 35 and 44, and closer to 15 per cent for those between 45 and 54, the research said.
According to comScore, apparel continues to be the leading category for overall online spending. But Goldman’s research underscores that even as online shopping matures, making way for fewer new adopters, consumers are allocating more of their money toward the web.