Data released by the U.S. Department of Commerce on September 14 showed that due to high inflation and the continued interest rate hikes by the Federal Reserve, retail sales of all goods in September were flat month-on-month, an increase of 8.2% over the same period last year, the lowest level since April this year.
Clothing retail sales continued to be stable, and actual expenditures fell
Specifically, department store sales achieved the largest month-on-month increase, up 1.3% from August; clothing Clothing store sales increased by 0.5% month-on-month; sales of furniture and home products continued to decline. Since the above indicators are not adjusted for inflation, it means that actual consumer spending has fallen. Experts expect retail sales to rise slightly in October, boosted by holiday shopping, although inflation remains high.
Clothing and apparel stores: Retail sales in September were US$26.23 billion, a slight increase of 0.5% from the previous month and an increase of 3.1% from the same period last year. Cumulative retail sales from January to September were US$233.01 billion, an increase of 8.2% over the same period last year.
Furniture and home furnishing stores: Retail sales in September were US$12.02 billion, a decrease of 0.7% from the previous month and an increase of 0.9% from the same period last year. Cumulative retail sales from January to September were US$108.76 billion, an increase of 1.9% over the same period last year.
General stores (including supermarkets and department stores): Retail sales in September were US$70.1 billion, a slight increase of 0.7% from the previous month and an increase of 3.7% from the same period last year. Cumulative retail sales from 1-9 were US$620.06 billion, an increase of 3.1% over the same period last year.
Non-physical retailers: Retail sales in September were US$109.25 billion, an increase of 0.5% from the previous month and an increase of 11.6% from the same period last year. Cumulative retail sales from January to September were US$954.56 billion, an increase of 11.2% over the same period last year.
Clothing inflation expands
The latest data released by the U.S. Department of Labor shows that the year-on-year growth rate of U.S. CPI in September slowed to 8.2%, and the core CPI increased by 0.3 percentage points year-on-year to 6.6%. Clothing CPI increased by 5.6% year-on-year in September, continuing to expand from the 5% increase in the previous month.
Clothing inventories continue to grow
In August, the inventory/retail ratio of U.S. apparel stores was 2.22, an increase of 0.5% from the previous month. The inventory/retail ratio It has continued to rise since breaking through 2.00 in January. The inventory/retail ratio of furniture, home furnishing and electronics stores was 1.65, down 1.2% from the previous month and falling for two consecutive months.
Import growth slows down
Textile and clothing: From January to August, the United States imported US$102.14 billion in textiles and clothing, year-on-year The growth rate was 13.8%, 0.4 percentage points slower than the import growth rate in the first seven months. Imports from China were US$27.63 billion, a year-on-year increase of 1.6%; accounting for 27.1%, a year-on-year decrease of 3.3 percentage points. Imports from Vietnam, India, Bangladesh and Indonesia increased by 30.3%, 25.9%, 50.7% and 47.4% respectively year-on-year, and their proportions increased by 1.7, 0.8, 1.7 and 1 percentage point respectively.
Textiles: Imports amounted to US$25.38 billion, a year-on-year increase of 5.1%, 1.2 percentage points slower than the growth rate in the first seven months. Imports from China were US$9.3 billion, a year-on-year increase of 4%; accounting for 36.6%, a year-on-year decrease of 0.4 percentage points. Imports from India, Mexico, and Pakistan increased by 4.7%, 4.5%, and 9.5% respectively year-on-year, while imports from Turkey decreased by 10.1%.
Clothing: Imports amounted to US$76.76 billion, a year-on-year increase of 17%, 0.2 percentage points slower than the growth rate in the first seven months. Imports from China were US$18.34 billion, a year-on-year increase of 0.4%; accounting for 23.9%, a year-on-year decrease of 4 percentage points. Imports from Vietnam, Bangladesh, India and Indonesia increased by 31.5%, 53%, 55.2% and 49.1% respectively year-on-year, and their proportions increased by 1.9, 2.1, 1.4 and 1.2 percentage points respectively.
Retailer Performance
In the three months ended August 28, sales of Levi Strauss & Co., the parent company of Levi’s, increased by 1% year-on-year. % to US$1.517 billion, and net profit fell 11% to US$173 million. In the first nine months of this year, the group’s sales increased by 12% to US$4.58 billion, and net profit increased by 4% to US$419 million.
In the 12 months ended July 31, Neiman Marcus department store transaction volume reached US$5 billion, 80% of which came from full-price products, an increase of 30% over the same period last year.
In the three months ended September 29, Nike Group’s revenue increased by 4% year-on-year to US$12.7 billion. By brand, Nike’s revenue increased by 4% to US$12.05 billion, of which core footwear sales increased by 5% to US$8.114 billion, and apparel sales remained flat at US$3.434 billion. By region, Nike brand revenue in Asia and Latin America increased 5% to $1.535 billion, North America increased 13% to $5.51 billion, and Europe, the Middle East and Africa increased 1% to $3.333 billion.
Keywords:
Clothing inventory import growth rate
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