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Fashion ranked among the top five categories consumers intend to spend on in 2024

Consumers’ top discretionary spend categories 

Brand capital comes to the foreground as conflicting macro factors usher in feelings of cautious optimism

 

The US fashion market faces conflicting macro factors in 2024 — higher economic growth and lower unemployment rates will be juxtaposed by higher prices, interest rates, and global supply chain risks. Despite an expected increase in fashion sales, consumers are looking to spend strategically. Retailers will seek to raise prices rather than push volume. To strengthen emotional connections with customers, brands will deploy more effective storytelling and cultivate more memorable shopping moments.

Online will continue to gain share of fashion sales, but in-store shopping remains dominant

 

Consumers’ top sources of inspiration on what fashion to buy

Young consumers are more likely to shop for fashion ahead of special occasions or to secure coveted, limited-edition items

Discover more in the full report

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