According to report recently released by The NPD Group, U.S. consumers seem willing to spend more on Footwear and Apparel in the 90-day period from May through July. The post-Iraq War study found that the consumers surveyed were more willing to get out and shop than they were in an identical study conducted prior to the war.
The study revealed that 14% of consumers are planning to spend more than usual on apparel during the three-month period compared to 11% in the pre-war survey. The study also indicated that 10% of consumers were planning to spend more than usual on footwear, including athletic footwear, in the next three months versus 8.0% in the pre-war survey.
“Consumers are beginning to show signs of wanting to get back into the stores and shop for their spring/summer wardrobes,” said Marshal Cohen, co-President of NPDFashionworld.
The biggest shift in apparel spending should come from consumers aged 18-34 with no children, a group planning to spend 24% more than usual on apparel versus 19% before the war. Conversely, it was those aged 35-54 with children that led the footwear numbers, expecting to spend 15% more in footwear through July compared to just 10% in the pre-war survey.
On the household income front, it was the group in the $45K to $75K range that expected to spike spending in the period, with 10% of those surveyed in the economic group planning to spend more on footwear versus just 7.0% in the prior survey.
“There are major shifts in who is spending on apparel and footwear right now. It was all about the teens and young adults last year. This year with the way the economy is, you will start to see very slow signs of recovery and the younger consumers will no longer be the only ones to target,” added Cohen.
>>> The footwear numbers would seem to indicate a nice opportunity for the family footwear and mid-market folks. Specialty stores can expect the spike in apparel…
