Consumer spending on apparel, accessories, and footwear has declined by 3 per cent in 2024, according to a report from Consumer Edge. This downturn has impacted fast fashion and luxury brands, while the resale market, including thrift and consignment, continued to grow.
While luxury goods and footwear/athletic apparel was below expectations during the year, the resale market continued to gain momentum and purchases increased by 1 per cent.
Despite these overall declines, spending in some underperforming apparel subsectors showed signs of improvement in the fourth quarter of 2024. This positive trend in the final quarter could indicate a more promising outlook for the apparel industry in 2025, the report added.
