Bernstein analyst says higher-income Americans are driving apparel and footwear sales

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โดย Investing.com·Read original
Summary · why it matters

Higher-income Americans are becoming increasingly important to apparel and footwear sales as widening economic inequality produces sharp differences in shopping frequency, price sensitivity, and technology adoption, according to Bernstein analyst Aneesha Sherman. Consumers in the highest income quintile spend 3.4 times more on apparel than those in the lowest quintile, while the top 40% of earners generate roughly 60% of total spending in the category. The findings were based on a November 2025 survey of 3,750 U.S. consumers and demographic data covering thousands of retail locations. Affluent shoppers purchase clothing more frequently and across a broader range of companies, with consumers earning over $100,000 buying from an average of 22 of the 54 brands and retailers surveyed during 2025, compared with 15 among those earning less than $50,000. Nearly 90% of respondents earning above $100,000 said they would pay full price for an item they wanted, versus about 70% of consumers earning below $50,000. Inflation has reinforced the divide, as affluent households were more likely to spend additional money as prices increased, while lower-income consumers cut purchase volumes and allocated more of their budgets to food, housing, and other necessities. Technology could widen the gap further, with nearly three in four higher-income consumers using artificial intelligence services, compared with about half of lower-income shoppers. Bernstein rated On Holding Outperform with a $70 price target, Tapestry Outperform with a $180 target, and TJX Companies Outperform with a $175 target, citing their exposure to affluent customers.

Impact on stocks 3

Consumer Discretionary▲ · 3 stocks
On Holding Ltd
ONON
▲ PositiveDemandrelevance

Bernstein analyst rates On Holding Outperform, citing exposure to affluent customers who drive apparel and footwear sales.

The TJX Companies Inc
TJX
▲ PositiveDemandrelevance

Bernstein analyst rates TJX Companies Outperform, citing exposure to affluent customers who drive apparel and footwear sales.

Tapestry Inc
TPR
▲ PositiveDemandrelevance

Bernstein analyst rates Tapestry Outperform, citing exposure to affluent customers who drive apparel and footwear sales.

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