13 Oct Spending on Footwear Indicative of Larger Wealth Gap
Spending on footwear was down last year, but a closer look at the numbers reveals a telling split among shoppers of different income levels.
In a new report, the Footwear Retailers and Distributors of America (FDRA) explored why average spending on footwear among Americans dropped between 2014 and 2015.
Citing data from the U.S. Bureau of Labor Statistics’ annual Consumer Expenditure Survey, FDRA says American shoppers spent $367 on footwear on average in 2014, the highest level in 30 years, up 19.5% from the year prior. But Americans spent less on shoes in 2015, spending just $354 on average.
“As one may expect, higher-income Americans tend to spend more on footwear while lower-income households naturally spend less,” said FDRA in its report. “What is interesting within this fact is how spending evolved last year between different income thresholds.”