The Gist: Women who prefer to shop for clothing, when they splurge on themselves, decreased by 3 percentage points over the past quarter. Not good news for retail, but it’s not bad news for everyone. 17% of U.S. Women now prefer to splurge on liquor or an expensive meal, as opposed to 15% last quarter. Lastly, we noticed a small increase in women who prefer to spend their discretionary income on pampering.
Spend or save? Spend or save? Spend or Save?! Could this have been the question that provoked the metaphor of the devil on one shoulder, angel on the other?
Amidst the always-changing dilemma of where to throw one’s discretionary income, insights are always shifting, but we do know this for certain: Americans are feeling better about the economy, and have more discretionary dollars than they did just a few years ago. What is going to happen with this newfound monetary confidence? Where will the money be spent?
In searching for answers, several insights surfaced among adult women over the age of 25.
As you might be able to notice, there has been a distinct decline among women who prefer to shop for clothes when splurging on themselves. This is not good news for a struggling retail industry, and malls that are facing ongoing challenges.
Where did these people go? What are they spending their money on now?
Well, adult women who say they purchase liquor or an expensive meal grew from 15% to 17%. That’s a rough increase of about 13%. We haven’t always had good news for the restaurant industry, but this seems somewhat uplifting.
Additionally, women who say they splurge on pampering (i.e. salon treatments, spa outings, etc..) increased from 13% to 15%. This seems to parallel the rising trend of self-care, and a growing wellness industry valued at $3.7 Trillion.
So, could food and alcohol someday overtake rompers and wedges? We might just have to wait and see.