Yahoo Finance published this video item, entitled “GOAT group CEO: Consumers are still spending, trends include retro sporting apparel, sneakers” – below is their description.
Despite high inflation and potential economic headwinds, consumers are still spending. Data from the U.S. Census Bureau shows U.S. retail sales for September 2023 were up 3.8% compared to last year at the same time. GOAT Group CEO Eddy Lu joins Yahoo Finance to break down recent consumer spending habits and trends that show where priorities lie.Lu explains what his company’s data reveals about consumer spending habits: “What’s been really interesting about 2023 is that when we look at our data from our customer’s purchases, for the purchases happening in 2023, 72% of purchases were for products created for and released prior to 2023. So, what we are seeing is a huge mix shift in customer preferences, saying ‘Hey, there might be a glut of inventory this year, this style this year might not suit me but, I’m still am very passionate about sneakers and apparel and so I’m going to buy something from years prior’ which is mind blowing.”For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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