California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SoCal Consumers Spend $20.6B at Fashion & Beauty Retailers
Southern California residents spend, on average, more than $15 billion annually on apparel. New research by Los Angeles-based CBRE shows the Greater Los Angeles region makes up $8.6 billion of that on average per year.
An additional $5.6 billion is spent annually on beauty products and services, a category buoyed in part by several high-street retailers in affluent Los Angeles markets. Personal brand is important to SoCal residents, and in the interest of cultivating that, many still prefer to shop in person instead of online, writes CBRE.
Yet, in spite of the undeniable popularity of online shopping, an impressive 45% of SoCal’s adult population claimed to have shopped for clothing in a department store in the last six months, while only 2.3 million (17%) purchased clothes online, according to a recent survey by ESRI.
CBRE points out that in the age of e-commerce, it is important to note that brick-and-mortar stores continue to play an important role in providing shoppers choices and experiences, as the retail sector continues to evolve in this new omni-channel era.
For comments, questions or concerns, please contact Dennis Kaiser
