Is it more economical to shop for clothing and accessories online or in-store?  While social media influencers would have us buy online, I am not convinced that in the long run it is better or less expensive.  This article will undoubtedly age me, and my guess is that many of you would disagree with my observations.  That’s good; there is a way to get the best of both worlds!

The Shopping Population, Interesting Statistics!

As of February 2024, Capital One Research reports

• 65% of women like to purchase in-store and 22% prefer shopping online.
• 44% of female shoppers and 53% of males prefer to browse retail items online.
• 75% of female online shoppers prefer to browse on the brand’s website; among them, 36.4% prefer mobile browsing.
• 94% of women aged 15 to 35 years who shop online do it at a rate exceeding one hour per day.
• The average Millennial male spends 59.9% more on clothes and shoes than his female counterpart.

The Pros & Cons of Online Shopping

While online shopping seems more efficient, it can cost us in the long run.  However, if you don’t like shopping in stores, it is a boon for many.

Pros:

• Online sales alerts
• Reading reviews
• Can be time efficient

Cons:

• Online sales alerts (maybe you wouldn’t buy the item if there wasn’t a discount!)
• Fit, poor quality
• Too many choices
• More likely to go through the time-consuming return process

In Store Shopping

Pros:

• Ability to try item on
• Alterations are available onsite at higher-end stores
• Ability to inspect quality and workmanship before purchasing

Cons:

• Stock may be limited due to inventory constraints
• Selection can be limited
• Service can be spotty

Smart Shopping can Save Money in the Long Run

Once you find a brand you like and know the fit, online shopping can be very efficient.  It also seems easier to collect rewards and gain discounts. Here are some ideas to make shopping more economical and efficient.

• Be sure to understand the return policies of the brands and vendors you prefer. 
• Don’t settle for poor quality.
• Recycle. Take high quality items in good condition to consignment. (Consignment is considered a competitive sport in Scottsdale!)
• Shop consignment.
• Swap clothes.
• Rent a dress or outfit for a special occasion.
• Turn off your influencers.
• Turn off your notifications.

What are your shopping habits?  Online or in-store?  If you have other smart shopping tips, please leave us a comment.

Mosaic FI, LLC is a registered investment adviser. The opinions expressed herein are those of the firm and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of Leslie Meisner and Jenifer Aronson, may differ from the views or opinions expressed by other areas of the firm, and are only for general informational purposes as of August 29, 2024.

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