US apparel industry poised to grow 20 % within four years

US apparel industry poised to grow 20 % within four years

According to a CNBC reporters, citing a Goldman Sachs studying profiling consumer trends in America, US apparel and accessories sales growth are poised to increase by a steady 20 % over the next four years compared to less than 10 % just six years ago

The report mentioned that “an additional USD 50 billion 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 % in four years, with further adoption across the age and income spectrum.”

According to the research, 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 % of millennials already spend most of their apparel budget online. That compares to roughly 30 % for those between ages 35 and 44, and closer to 15 % for those between 45 and 54.

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.

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