Sunday, November 27, 2022

Fashion sales in the US slow their growth, with a 3.1% increase in September

Fashion goes down a gear. in September, US fashion retail sales up 3.1%That’s nearly two integers less than the increase recorded in August, according to data revised and published today by the U.S. Census Bureau.

Clothing and accessories store retail sales in the US market up 0.5% compared to August, The growth in the sector in the accumulated figures for the year stood at 7.8% as compared to the first nine months of 2021.

“The growth of sales in September confirms that, Despite inflation and market volatility, consumers continue to spend on their preferences”, argued Matthew Shay, president of the National Retail Foundation (NRF), an American trade association.

“As we enter the holiday season, consumers are looking for sales and promotions to take advantage of every dollar they spend, and retailers are already beginning to adapt to this demand,” said executive he said.

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Since the start of the year, sales of American fashion have slowed significantly, In January, trading jumped 19.3% year-on-year and rose 28% in February.

In March, growth slowed to 8.9% and maintained this rate in April, when fashion sales increased by 8.7%. In May, business growth in the region slowed again and increased by 4.1%, and dropped another notch in June, increasing by just 0.8%.

Fashion picks up pace in the summer and grew its retail sales by 1.9% in July Compared to the same month in 2021, before intensifying again in August with a year-on-year jump of 5%. The figure of 3.1% for September, once again indicates a golden quarter for fashion and a slowdown at the door of a possible economic downturn.

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U.S. commerce as a whole grew its earnings by 8.4% for the ninth month of the year, down half a percentage point from the increase recorded in August. The area that climbed the most was gas stations, with sales growth of 20.6%, followed by food and beverage stores with an 11.4% increase.

In September, the Consumer Price Index (CPI) for the fashion sector in the United States stood at 5.5%, according to the latest data from the US Bureau of Labor Statistics. Fashion prices developed against the normal CPI, softening by a tenth of the increase in August.

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