After a soft June where revenues were flat compared to last year (despite rising prices), the Belardi Wong survey of Direct to Consumer (DTC) sales showed a surprising upswing in July 2023 with e-commerce up +4 percent year-over-year. Apparel led the uptick with a +10 percent increase while shoes and accessories were up +8 percent. Home décor, which my correspondent said has had a tough 2023 overall, was down -5 percent.
The Belardi Wong survey points out that the customer day-in and day-out shopping activity had not been keeping pace with levels of the past. The company observed that sales have been concentrated around promotional holidays, as even the affluent consumer is now waiting for added incentives to buy. For instance, we see that the survey showed that Prime Day drove significant strength in apparel, which is consistent with what BW has seen all year.
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