NEW YORK – Consumer spending on apparel as a percentage of total spending has more than halved to 2 per cent from 5 per cent in 1987, according to data from the US Bureau of Labour Statistics. A major 12-month study found that this was the only major consumer spend category to fall, with all other categories, including entertainment, including dining out, alcohol, and furniture remaining relatively stable. But here’s the rub: we’re buying way more clothing than ever. The reason: deflation in the apparel sector which has come about due to the offshoring of apparel production to Asia.
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