Shoppers aged 34 and younger reduced their apparel and accessories spending 6% YoY in the first five months of 2023 according to Earnest credit card spending data. Meanwhile, shoppers over the age of 34 spent roughly the same amount across apparel brands. Younger shoppers reduced their spending most at luxury brands (-20% YoY) like Louis Vuitton, fashion resellers (-16% YoY) like Poshmark, and fast fashion brands (-15% YoY) like Shein.
Older shoppers outperformed younger spenders across nearly all major apparel and accessories subcategories with the exception of jewelry and watches and apparel subscriptions. The latter represented the largest disparity in spending growth between the two groups. Older shoppers’ higher YoY spending was largely driven by moderate increases in general apparel spending, fast fashion, and active and athleisure.
Luggage and bag sales have been a bright spot. Both younger and older shoppers spent significantly more YoY in the subcategory in the first five months of 2023. Active and Athleisure sales also increased among both groups, though older shoppers meaningfully outperformed younger shoppers in the subcategory.