Close×

The average spend by Australian consumers on clothing, apparel and footwear has increased by 4% over the past 12 months, according to a recent report by CommSec.

The sub category of clothing retailing had the strongest growth of 4.1%, with footwear and accessories recording a 3.8% jump.

CommSec chief economist and report author Craig James said while the category was up, retail spend as a whole had endured its slowest growth in four years, with clothing spending now being eclipsed by other categories.

"In the entire 2016/17 year, spending rose by just 3.2% with volumes up 1.8%. As noted above it was the slowest growth in four financial years.

"Interestingly, eight years ago the average Aussie spent more each week on clothing than take-away food. Now take-away food takes up a bigger share of spending.

"Price is one consideration – clothing has become far more affordable over time – in fact clothing prices fell again in 2016/17."

James said that a reason behind the rise in clothing purchases could be in part due to a decline in the cost of product.

"In terms of actual goods purchased (volumes), Aussie consumers elected to buy more clothes, with real (inflation-adjusted) spending up 5.5%. Over the year the price of clothing fell by 1.4%."

While clothing and apparel retailing was on the rise, a 2.2% decline in department store spending was also recorded.

comments powered by Disqus