The data shows that consumer spending in the United States in February (2017) has been slightly reduced for the second consecutive month due to rising retail prices of clothing.
According to the update of the US Cotton Corporation's integration, the Conference Board announced that the Index of Consumer Confidence in February rose by 9.5 points over the previous month. The current index reached 125.6 not only from the economic downturn. The highest value since ç…º was also the highest value in more than 15 years.
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With regard to the improvement of current and future business conditions and the positive outlook of the labor market, recent consumer confidence remains optimistic.
However, even if wages have grown steadily and consumer confidence has been high, consumer spending in January has seen inflation deflation for two consecutive months. Monthly expenditures fell by 0.1% month-on-month, but rose by 2.6% year-on-year. The month-on-month expenditure on apparel dropped by 1.3% month-on-month from the previous month, but rose 0.3% year-on-year.
Rising prices may be a factor affecting clothing consumption. US Cotton Company recommends that retail clothing prices (1.7% growth in January and 1.1% growth in February) increase by more than one percentage point for the second consecutive month in February.
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Growth in the past few months has exceeded the decline in average clothing prices in November and December. The consumer price index for clothing in February rose by 0.9% compared with the same period of last year (2016).
After adjusting for seasonal factors, the average cost per square meter of imported clothing with cotton as the main component remained constant at the base of month-on-month basis in February. Although the purchase cost has increased slightly since November, it has remained close to the lowest level under the recent deterioration.
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The American Cotton Company pointed out: "The major US retailers have encountered difficulties in the sale of commodities and have also slowed down orders. By the end of February (2017), total garment imports (all Fibre, which is a 2.8% year-on-year decrease in quantity, is based on volume. As orders decline, manufacturers will be competing for orders, which will increase retailers' bargaining power and may help drive procurement costs even lower.â€
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