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Consumer Spending on Apparel Outpaces Footwear in October

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Consumer spending, that all-important measure comprising 70 percent of GDP growth, rose by only 3.4% in October compared to the same month last year, well off the 12-month high of 4.4% reached last November.

Spending on apparel and footwear lagged the overall increase, rising by less than 2.5% on a 12-month smoothed basis.

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Increases in spending on both durable goods and services, which gained almost 5 percent and 4 percent, respectively, were more than offset by sluggish nondurables spending, which dipped by 0.2%.

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Apparel spending grew faster than footwear spending in October, rising by 2.6% compared to 1.5%.

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Within apparel, spending on clothing for females increased by 3.4%, while men’s apparel consumption was up by 2.5% and children’s increased by 2.6%.

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