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Economic Trends and Being Trendy: The Influence of Consumer Confidence on Retail Fashion Sales

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  • Allenby, Greg M
  • Jen, Lichung
  • Leone, Robert P

Abstract

Consumers who make early purchases of fashion apparel often pay a premium for being the first to wear the new styles. These consumers are often characterized as being relatively less price sensitive and more affluent than those who make their purchases later in the selling season. In this study, the authors examine monthly sales from five divisions of a Fortune 500 retailer and employ a hierarchical Bayes model to produce pooled estimates which indicate that the sales early in the season are substantially influenced by the confidence consumers have about the future state of the economy.

Suggested Citation

  • Allenby, Greg M & Jen, Lichung & Leone, Robert P, 1996. "Economic Trends and Being Trendy: The Influence of Consumer Confidence on Retail Fashion Sales," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 103-111, January.
    • Handle: RePEc:bes:jnlbes:v:14:y:1996:i:1:p:103-11
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    Citations

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    Cited by:

    1. Gikas A. Hardouvelis & Dimitrios D. Thomakos, 2007. "Consumer Confidence and Elections," Working Paper series 42_07, Rimini Centre for Economic Analysis.
    2. Hunneman, Auke & Verhoef, Peter C. & Sloot, Laurens M., 2015. "The Impact of Consumer Confidence on Store Satisfaction and Share of Wallet Formation," Journal of Retailing, Elsevier, vol. 91(3), pages 516-532.
    3. Paradiso, Antonio & Kumar, Saten & Margani, Patrizia, 2014. "Are Italian consumer confidence adjustments asymmetric? A macroeconomic and psychological motives approach," Journal of Economic Psychology, Elsevier, vol. 43(C), pages 48-63.
    4. Thomas A. Garrett & Ruben Hernandez-Murillo & Michael T. Owyang, 2005. "Does consumer sentiment predict regional consumption?," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 123-135.
    5. Lemmens, A. & Croux, C. & Dekimpe, M.G., 2007. "Consumer confidence in Europe : United in diversity," Other publications TiSEM ea8c3268-2c0b-4fcc-9d4a-6, Tilburg University, School of Economics and Management.
    6. Marnik G. Dekimpe & Barbara Deleersnyder, 2018. "Business cycle research in marketing: a review and research agenda," Journal of the Academy of Marketing Science, Springer, vol. 46(1), pages 31-58, January.
    7. Michel Wedel & Jie Zhang & Fred Feinberg, 2015. "Implementing Retail Category Management: a Model-Based Approach to Setting Optimal Markups," Customer Needs and Solutions, Springer;Institute for Sustainable Innovation and Growth (iSIG), vol. 2(2), pages 165-176, June.
    8. Aviv, Yossi & Bazhanov, Andrei & Levin, Yuri & Nediak, Mikhail, 2016. "Quantity Competition under Resale Price Maintenance when Most Favored Customers are Strategic," MPRA Paper 72011, University Library of Munich, Germany.
    9. Hampson, Daniel P. & McGoldrick, Peter J., 2013. "A typology of adaptive shopping patterns in recession," Journal of Business Research, Elsevier, vol. 66(7), pages 831-838.
    10. Frijters, Paul, 1998. "A model of fashions and status," Economic Modelling, Elsevier, vol. 15(4), pages 501-517, October.
    11. Hojin Jung, 2020. "The Impact of Ambient Fine Particulate Matter on Consumer Expenditures," Sustainability, MDPI, vol. 12(5), pages 1-13, March.
    12. Hojin Jung & Minjae Park & Kihoon Hong & Eunjung Hyun, 2016. "The Impact of an Epidemic Outbreak on Consumer Expenditures:An Empirical Assessment for MERS Korea," Sustainability, MDPI, vol. 8(5), pages 1-15, May.
    13. Lemmens, A. & Croux, C. & Dekimpe, M.G., 2005. "The European Consumer: United In Diversity?," ERIM Report Series Research in Management ERS-2005-022-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    14. Bazhanov, Andrei & Levin, Yuri & Nediak, Mikhail, 2015. "Quantity Competition in the Presence of Strategic Consumers," MPRA Paper 62075, University Library of Munich, Germany.
    15. David Boto-García & Veronica Leoni, 2023. "Distance Traveled in Times of Pandemic: An Endogenous Switching Regression Approach," Tourism Economics, , vol. 29(3), pages 571-595, May.

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