• Year-over-year spending growth in clothing and footwear increased slightly to 2.2% in June 2023, higher than May’s revised 1.9% growth but lower than April’s revised 2.6% growth. Year-over-year clothing and footwear spending growth has moderated in recent months, due to softened consumer demand. We expect consumers’ pent-up demand to fully fade in 2023 and inflation to taper down further. As we move into peak summer months ahead of the new school year, we expect clothing and footwear spending to grow by a low-single-digit percentage.
• Overall clothing spending saw a year-over-year increase of 2.5% in June 2023, higher than the revised 2.1% growth seen in May and slightly lower than the 2.6% seen in April. Women’s and girls’ clothing outperformed in June 2023, with year-over-year growth of 2.9%. Women’s fashion retail tends to be more dynamic and fast-changing than men’s fashion. The launch of seasonal collections (from a supplier perspective) and consumer demand for summer vacation wear may have partly driven higher spending on women’s clothing in June 2023. Men’s and boys’ clothing spending outperformed from January to May 2023. Meanwhile, spending on footwear grew 0.8% in June 2023 versus revised growth of 0.9% in May and 2.3% in April.
• Consumer spending on beauty increased by 5.7% year over year in June 2023, versus 5.6% growth in May and 6.7% growth in April. Although spending growth slowed, it remained strong compared to pre-pandemic levels (low- to mid-single-digit growth), reflecting that beauty remains a low-cost, feel-good category that can withstand economic slowdowns.

Feel free to check our full report here: https://coresight.com/research/us-apparel-and-beauty-spending-tracker-june-2023-clothing-footwear-and-beauty-spending-growth-up/