Atlanta A survey released Tuesday by Kurt Salmon Associates found that, among male shoppers, there appears to be a chance of some spending recovery.
In a study of nearly 2,000 male shoppers’ opinions, KSA findings profiled three shopping groups: Confident male shoppers who spend more than $25 per month on men’s apparel and will maintain or increase their spending; cautious shoppers who spend more than $25 per month on apparel purchases but plan to spend less on men’s dress and casual clothing; and reluctant shoppers who spend less than $25 per month on men’s apparel.
The survey reported that confident shoppers have declined from 44% of consumers two years ago to only 31% this past June. Furthermore, average monthly men’s apparel spending has declined from $86.58 to $75.15 for this group
However, 43% of the decline in men’s apparel sales can be explained by lower average spending by confident shoppers. The remaining 57% can be attributed to the decrease in the number of confident shoppers.
Recovery will likely depend on average monthly spend for confident shoppers returning to previous levels, suggested the survey, making the current confident shopper group even more important for retailers and brands to target in the coming months.