The apparel and accessories sector plays a vital role in various aspects of the economy, impacting industries like retail trade and manufacturing.
Retail trade is a major source of employment in the US, serving as one of the largest job providers. Its operations heavily rely on consumer spending. With a significant share of consumer expenditure going towards apparel and accessories, this industry has a substantial influence on employment levels and economic growth within the retail sector. Research shows that when consumers cut back on clothing and accessory purchases, they typically reduce overall spending, leading to potential negative effects like job losses and slower economic growth.
