Millennials exchanging, shopping boosts post-holiday sales numbers
'Clothing is on fire right now,' apparel CEO says
Even after the holidays, retail sales are rising, and the consumer remains strong.
According to the National Retail Federation (NRF), 68 percent of people will shop throughout the week after Christmas. More than half of people intend to make any necessary exchanges within a month of receiving the gift.
American Apparel & Footwear Association president and CEO Rick Helfenbein said the consumer may not be spending as much time in stores, but they are spending more money than ever before. According to Helfenbein, retail saw a record $34 billion in sales on Saturday, Dec. 21 alone.
Customers shopping in the shoe department at the Nordstrom NYC Flagship in New York. Tuesday, Nov. 26, 2019. (AP Photo/Mary Altaffer)
“People like to shop online,” he told FOX Business’ Cheryl Casone on Thursday. “They also like to go in stores and feel the cashmere and make sure it’s exactly what they want to buy.”
THIS IS HOW BRICK-AND-MORTAR STORES GET MILLENNIALS TO SHOP
Helfenbein said the balance between shopping preferences lies in the new generation of shoppers: Millennials.
“We have a new shopper: the Millennial shopper,” he said. “They think differently. They like to buy three things and return two.”
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Houston Texans' De'Andre Hopkins, center, and teen Jadon Cofield, left, critique one of the outfits Miracle Washington-Tribble, right, tries on in the fitting room at H&M on Monday, Dec. 16, 2019, at Galleria Mall in Houston. (AP Photo/Michael Wy
Out of all retail purchases, Helfenbein said items like clothing continue to top the charts.
“Clothing is on fire right now,” he said. “Particularly, oddly enough, menswear is on fire – and sweaters and outerwear. Everyone is buying a coat.”