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Sources: U.S. Bureau of Economic Analysis, Wells Fargo Securities Apparel is being displaced by travel, eating out and activities—what’s routinely lumped together as “experiences”—which have grown to 18 percent of purchases. Technology alone, including data charges and media content, accounts for 3.4 percent of spending. That now tops all clothing and footwear expenditures. Several reasons are behind this shift. Some are beyond the control of apparel companies, as societal changes drove different shopping behavior. But missteps by these companies along the way have hastened the death of clothing. No one needs to buy a separate work wardrobe anymore. It used to be that office workers needed suits and ties or pleated pants, long skirts and heels to get through the week. By the early 1990s, that seemed to change. The genesis is debatable, but many chalk it up to tech firms in Silicon Valley pushing a business-casual look dominated by khakis.
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