2 minutesFree ReportUS Apparel and Beauty Spending Tracker, May 2023: Clothing, Footwear and Beauty Spending Growth All Moderate Further Coresight Research July 20, 2023 Year-over-year clothing and footwear consumer spending growth slowed to 1.7% in May 2023, down from April’s revised 2.6% growth and March’s revised 2.5% growth, mainly due to softened consumer demand. We expect consumers’ pent-up demand to fully fade away 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 rate. Overall, spending on clothing saw a year-over-year increase of 2.0% in May 2023, lower than the revised 2.7% growth seen in both April and March. Men’s and boys’ clothing spending continued to outperform in May 2023, seeing year-over-year growth of 2.8%. Meanwhile, spending on footwear grew 0.5% in May 2023 versus revised growth of 2.3% in April and 1.6% in March. Consumer spending on beauty increased by 5.7% year over year in May 2023 versus 6.7% growth in April and 6.4% growth in March. Although spending growth slowed, it remained strong compared to pre-pandemic levels (low- to mid-single-digit growth), reflecting beauty’s position as a low-cost, feel-good category that can withstand economic slowdowns. The Coresight Research US Apparel and Beauty Spending Tracker provides a monthly update on the trajectory of consumer spending on beauty, clothing and footwear. Our latest report covers spending from May 2023, showing that clothing and footwear spending increased by 1.7% year over year. Data in this report include: Year-over-year changes in US consumer spending on clothing and footwear overall, and breakdowns by category, May 2022–May 2023 Year-over-year changes in US consumer spending on selected beauty categories, May 2022–May 2023 Other relevant research: The previous US Apparel and Beauty Spending Tracker with April 2023 data The Coresight Research monthly reports collection Coresight Research coverage of the apparel and footwear market This document was generated for
