Many Australian women are spending significantly above average on clothing every year in an attempt to appear stylish and label conscious, according to the latest results from Roy Morgan Research.
The average amount spent on clothing by Australian women over the age of 14 is $834 each year.
However, consumers who strive for attention on their wardrobe spend significantly more on their outfits, which could be lucrative news for fashion retailers in Australia.
Women who purchase clothes with the goal of getting noticed are the most lavish spenders. Those who buy outfits that ‘will get me noticed’ spend an average of $1,288 on clothing every year.
“What’s particularly interesting is that women wanting to be noticed for what they wear spend the most. This category beat even the label-conscious shoppers, as well as women trying to look stylish,” said Warren Reid, Group Account Manager of Consumer Products at Roy Morgan Research.
This trend of focusing on how others perceive fashion and beauty choices is supported by figures released by IBISWorld on October 10.
Business information analysts have forecast Melbourne Cup Carnival spending will increase by 3.5 per cent to reach $455.5 million this year, with the strongest growth expected in the fashion and beauty segment.
Many cup attendees last year used existing pieces from their wardrobes to save on expenses, according the IBISWorld. However, high consumer confidence and rising fashion-consciousness among the male racegoers has inspired predictions of significant growth in spending.
An rise of 13.9 per cent is tipped to expand the fashion and beauty spending on 2012’s figures, reaching $53.2 million this year.
Retailers in Melbourne are in a particularly good position to take advantage of Race Day on November 5, although many retailers in Australia still have the opportunity to attract racegoers intending to travel between states to attend the Cup.