Clothing and footwear spend down 50% since 1984
The AFR reported that the share of household expenditure on clothing and footwear has more than halved since 1984, from 6.5% to 3.1%. This data dispels the myth that specialty retailers' woes have been caused by the emergence of e-commerce. Online retail handles just 8% of sales, translating to just 0.2% of the decline. The remaining 3.2% drop has been caused by changing spending patterns.