U.S. Apparel Spending
Up Most Since 2005
Americans’ spending helped drive
economic growth beyond expectations in the third
quarter -- with apparel retailers in particular
feeling a welcome recovery.
Consumption of clothing and footwear
rose at an 11.7 percent annual pace, the biggest
gain since 2005. That helped propel the increase in
non-durable goods consumption to the fastest in more
than five years. The apparel category accounts for
about 3 percent of overall consumer spending.
The figures add to signs that this is
shaping up to be one of the strongest holiday
shopping seasons yet. Low unemployment, elevated
consumer confidence and stronger household finances
are encouraging shoppers to dip confidently into
their cash. The average household expects to spend
$1,536 this season, 25 percent more than in last
year’s survey, according to Deloitte.