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US Consumer Analysis: Apparel and Footwear

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1) The majority of US consumers have purchased apparel both online and offline, however, brick-and-mortar is still the dominant transaction channel.
2) In fact, US consumers’ attitude towards fashion and their purchase behavior has changed little over the past five years.
3) We expect brick-and-mortar to remain the dominant store format for US apparel and footwear retail in the near future.
4) As retailers have shifted their budgets to digital advertising, the influence of all major media channels has decreased in the past five years, except for social media and mobile video.
5) Among millennials, the influence of social media on apparel purchases is on par with traditional media like TV and magazines.

Published in: Retail
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US Consumer Analysis: Apparel and Footwear

  1. 1. US Consumer Analysis: Apparel and Footwear February, 2017
  2. 2. 2 US Consumer Analysis: Apparel and Footwear Influences on Apparel and Footwear Purchases About this Report Key Takeaways and Market Overview Purchase Behavior: Apparel and Footwear 01 02 03 04
  3. 3. 3 About this Report About this Report This report is a collaboration between Fung Global Retail & Technology and Prosper Insights & Analytics. It uses propriety data from surveys conducted by Prosper in the US that track shopping behaviors and the future purchase intentions of consumers. Survey Methodology The Prosper Insights & Analytics Monthly Consumer Survey provides insights into the US consumer market from multiple datasets and multiple sources. It surveys more than 6,000 consumers 18+ in the US on an ongoing basis.
  4. 4. 4 Key Takeaways: Brick-and-Mortar to Remain the Dominant Transaction Channel for US Apparel and Footwear 1. The majority of US consumers have purchased apparel both online and offline, however, brick-and-mortar is still the dominant transaction channel. 2. In fact, US consumers’ attitude towards fashion and their purchase behavior has changed little over the past five years. 3. We expect brick-and-mortar to remain the dominant store format for US apparel and footwear retail in the near future.
  5. 5. 5 Key Takeaways: Social Media has Become a Major Influencer in Apparel Purchases Among Millennials 1. As retailers have shifted their budgets to digital advertising, the influence of all major media channels has decreased in the past five years, except for social media and mobile video. 2. Among millennials, the influence of social media on apparel purchases is on par with traditional media like TV and magazines.
  6. 6. 6 Consumer and Category Insights
  7. 7. 7 US Consumer Confidence Solid in 2016, Following an Improvement in 2013–2015 52% 20% 30% 40% 50% 60% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source: Prosper Monthly Consumer Survey – US/University of Michigan/US Census Bureau/US Department of Commerce % of Respondents Feeling Confident or Very Confident in the Economy in the Next 6 Months 98.5 50 60 70 80 90 100 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Index of Consumer Sentiment (University of Michigan) 4.85 3.0 3.5 4.0 4.5 5.0 2011 2012 2013 2014 2015 2016 US Retail Sales (US$ trillion) 110.7 100 105 110 115 2011 2012 2013 2014 2015 2016 US Personal Consumption Expenditures Price Index (2009=100)
  8. 8. 8 278 282 285 287 293 292 26 30 34 39 46 55 310 317 324 331 343 353 0 100 200 300 400 2011 2012 2013 2014 2015 2016 Other nonstore-based retailing Online (Internet retailing) Offline (store-based retailing) The Internet is Not Yet a Significantly Large Channel in Terms of Apparel and Footwear Purchases Size of US Apparel and Footwear Market (US$ billion) Source: Euromonitor 15.5%
  9. 9. 9 But it Increasingly Influences How Consumers Shop for Apparel Offline 49% 44% 38% 32% 26% 20% 40% 45% 50% 55% 61% 66% 11% 12% 12% 13% 14% 14% 0% 20% 40% 60% 80% 100% 2011 2012 2013 2014 2015 2016 Online Web-influenced offline Offline only Apparel Retail Sales in the US, by Type Source: Think with Google
  10. 10. 10 105 85 76 87 86 78 40 60 80 100 120 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Children’s Clothing Men’s Clothing Men’s Dress Clothing Shoes Women’s Casual Clothing Women’s Dress Clothing Children’s Clothing Shows the Most Seasonality in Apparel, Affected by Back-to-School and Holiday Shopping Spending Score of Respective Apparel Category Source: Prosper Monthly Consumer Survey – US A spending score higher than 100 means more consumers are planning to spend more on that category over the next 90 days than are planning to spend less on it.
  11. 11. 11 Consumer Purchase Behavior: Online or Offline
  12. 12. 12 The Majority of Consumers Search and Purchase Some of Their Apparel Online 78% of Consumers Searched for Clothing/Footwear Online Frequency of Clothing/Footwear Online Search (Jan 2016)* 25% 53% 22% Regularly Occasionally Never 80% of Consumers Who Purchase Children’s Clothing Shop Online % of Respective Item Purchased Online (2016) 29% 33% 20% 47% 43% 39% 43% 29% 28% 28% 37% 23% Women’s Clothing Men’s Clothing Children’s Clothing Footwear Source: Prosper Monthly Consumer Survey – US * No significant changes in the past five years * Sample: Moms with kids aged 9 and below 0% (do not buy online) 1%–50% bought online 51%–100% bought online
  13. 13. 13 Brick-and-Mortar Still the Dominant and Most-Used Channel for Apparel and Footwear Purchases Around 10% of Consumers Made Purchases via Mobile Sites Shopping Method Used in the Past 30 Days (Nov 2016) 10% 11% 39% 39% 63% 78%Apparel and Accessories Footwear Brick-and-Mortar is the Most-Used Store Format 82% 71% 77% 62% 3% 4% 3% 9% 6% 8% 12% 10% 7% 15% 8% 18% Women’s Clothing Men’s Clothing Children’s Clothing Footwear Source: Prosper Monthly Consumer Survey – US Physical store Online site Mobile sitePhysical store Internet Others No preference Most-Used Store Format to Purchase Respective Items (Nov 2016)
  14. 14. 14 Women’s Clothing Men’s Clothing Children’s Clothing Footwear More Consumers Use the Internet the Most Often to Purchase Apparel, but are Still a Niche Segment 1% 3% 1% 4% 1% 3% 4% 9% Nov 2011 Nov 2016 Those Who Use the Internet the Most to Purchase Respective Items (Nov 2011 and Nov 2016) Sample: Women’s Clothing: All Women / Men’s Clothing: All Men / Children’s Clothing: Moms with kids aged 9 or below / Shoes: All respondents Source: Prosper Monthly Consumer Survey – US
  15. 15. 15 For Women’s and Men’s Apparel, Heavy Online Shoppers Show a Preference for Specialty Stores Sample: Women’s Clothing: All Women / Men’s Clothing: All Men / Children’s Clothing: Moms with kids aged 9 or below / Shoes: All respondents Source: Prosper Monthly Consumer Survey – US 0% 10% 20% 30% 40% Department Store Discount Store Specialty–ApparelCatalog Others Most Often Shopped Retail Category for Women’s Clothing (Excluding Internet, April 2016) 0% 10% 20% 30% 40% Department Store Discount Store Specialty–ApparelCatalog Others Most Often Shopped Retail Category for Men’s Clothing (Excluding Internet, June 2016) All Shoppers Heavy Online Shoppers (Those who made 51-100% of their purchases online)
  16. 16. 16 Heavy Online Shoppers Also Show a Preference for Specialty Stores in Children’s Apparel and Footwear Sample: Women’s Clothing: All Women / Men’s Clothing: All Men / Children’s Clothing: Moms with kids aged 9 or below / Shoes: All respondents Source: Prosper Monthly Consumer Survey – US 0% 10% 20% 30% 40% Department Store Discount Store Specialty–ApparelCatalog Others Most Often Shopped Retail Category for Children’s Clothing (Excluding Internet, October 2016) 0% 10% 20% 30% 40% Department Store Discount Store Specialty–ApparelCatalog Others Most Often Shopped Retail Category for Footwear (Excluding Internet, July 2016) All Shoppers Heavy Online Shoppers (Those who made 51-100% of their purchases online)
  17. 17. 17 Macy’s and Nordstrom are Relatively More Popular Among Heavy Online Shoppers Source: Prosper Monthly Consumer Survey – US Sample: Women’s Clothing: All Women / Men’s Clothing: All Men / Children’s Clothing: Moms with kids aged 9 or below / Shoes: All respondents 0% 10% 20% 30% 40% 50% Retailers Shopped at in the Past 90 Days for Women’s Clothing (April 2016) 0% 10% 20% 30% 40% 50% Retailers Shopped at in the Past 90 Days for Men’s Clothing (June 2016) All Shoppers Heavy Online Shoppers (Those who made 51-100% of their purchases online)
  18. 18. 18 In the Children’s Clothing Category, Specialty Stores are Relatively More Popular Among Heavy Online Shoppers Source: Prosper Monthly Consumer Survey – US Sample: Women’s Clothing: All Women / Men’s Clothing: All Men / Children’s Clothing: Moms with kids aged 9 or below / Shoes: All respondents 0% 10% 20% 30% 40% 50% Retailers Shopped at in the Past 90 Days for Children’s Clothing (October 2016) 0% 10% 20% 30% 40% 50% Retailers Shopped at in the Past 90 Days for Footwear (July 2016) All Shoppers Heavy Online Shoppers (Those who made 51-100% of their purchases online)
  19. 19. 19 Consumer Purchase Behavior: Attitudes
  20. 20. 20 44% 43% 42% 43% 44% 43% 37% 38% 38% 39% 37% 38% 19% 19% 21% 18% 19% 19% Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Newest trends and styles are important to me I prefer a traditional conservative look Fashion is less important than value and comfort to me Consumers’ Attitude Toward Fashion has Changed Little in the Past Five Years Feelings about Fashion (2011–2016) Source: Prosper Monthly Consumer Survey – US
  21. 21. 21 50% 50% 49% 50% 50% 47% 50% 50% 51% 50% 50% 53% Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Important Not important Slightly More Consumers Regard Labels as Important Compared With Last Year Importance of Labels When Buying Clothes (2011–2016) Source: Prosper Monthly Consumer Survey – US
  22. 22. 22 23% 23% 22% 22% 23% 22% 63% 62% 61% 63% 62% 62% 13% 15% 16% 15% 15% 16% Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Sales are not important to me when buying clothing I usually buy clothing when it is on sale I only buy clothing when it is on sale The Majority of Consumers Usually Buy Clothing When it is On Sale Importance of Sales (2011–2016) Source: Prosper Monthly Consumer Survey – US
  23. 23. 23 Media Influence on Apparel Purchases
  24. 24. 24 Retailers are Shifting Their Focus to Digital Advertising Advertising Spending of the US Retail Industry, 2013 vs. 2015 (US$ million) Source: Total Advertising Spend - Kantar Media 42% 38% 25% 15% 11% 9% 8% 6% 10% 27% 4% 4% 11,827 13,295 0 5,000 10,000 15,000 2013 2015 Other Internet display Magazine Radio Newspaper TV
  25. 25. 25 The Influence Power of All Major Media Channels has Decreased for Apparel Purchases, Except for Social Media and Mobile Video Source: Prosper Media Behaviors & Influence™ (MBI) Study 25% 20% 10% 6% 24% 26% 20% 10% 25% 18% 14% 9% 19% 18% 12% 8% 0% 5% 10% 15% 20% 25% 30% 35% Email Advertising Internet Advertising Social Media Video on Mobile Device TV/Broadcast Magazines Newspaper Radio Dec '10 Jan '16 Those Who Were Influenced by the Respective Media Channel when Purchasing Apparel, 2010–2016 Digital Media Traditional MediaNew Digital Media
  26. 26. 26 25% 18% 14% 9% 19% 18% 12% 8% 32% 26% 23% 18% 22% 23% 11% 12% 0% 5% 10% 15% 20% 25% 30% 35% Email Advertising Internet Advertising Social Media Video on Mobile Device TV/Broadcast Magazines Newspaper Radio All Respondents 18–34 (Millennials) Influence of Social Media is On Par with TV and Magazines Among Millennials Source: Prosper Media Behaviors & Influence™ (MBI) Study Those Who Were Influenced by the Respective Media Channel when Purchasing Apparel, Jan 2016 Traditional MediaDigital Media New Digital Media
  27. 27. 27 25% 18% 14% 9% 19% 18% 12% 8% 18% 12% 5% 2% 15% 13% 16% 4% 0% 5% 10% 15% 20% 25% 30% 35% Email Advertising Internet Advertising Social Media Video on Mobile Device TV/Broadcast Magazines Newspaper Radio All Respondents 55+ (Boomers and Silvers) Boomers are Less Influenced by Both Digital and Traditional Media Channels, Except Newspaper Source: Prosper Media Behaviors & Influence™ (MBI) Study Those Who Were Influenced by the Respective Media Channel when Purchasing Apparel, Jan 2016 Traditional MediaDigital Media New Digital Media
  28. 28. Find our research at www.FungGlobalRetailTech.com

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