The new NPD report shows a decline of 1% (65 billion dollars in sales) in purchases of footwear for the period February 2016-February 2017. Formal footwear is showing a further fall (6%) partially compensated for by the 3% increase in sneaker sales. Accessories (including bags) are showing a decline of 7% (51 billion), with bags themselves losing a billion dollars to settle at 7.3 billion. Statistically, the Millennials are the only age group of consumers to be buying more. Marshal Cohen, chief analyst for the Port Washington-based research studio, explains: “The losses happening within footwear and fashion accessories are leading indicators of the fundamental changes occurring within the whole of fashion at retail. Consumers tend to build their wardrobes through accessories and footwear, giving their outfit a fresh look, so when sales of either of these industries slow or decline, it signals a decline in fashion as a priority.”
Fewer purchases of shoes (-1%) and accessories (-7%) in the USA. NPD raises the alarm: “People are showing less interest in fashion”
