Ozempic Fuels Hunt for Smaller Clothes
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,643,886 (+0.13%)       Melbourne $988,526 (+0.18%)       Brisbane $1,027,262 (+0.59%)       Adelaide $921,236 (-1.53%)       Perth $913,258 (-0.37%)       Hobart $750,852 (+0.44%)       Darwin $705,508 (+1.52%)       Canberra $959,740 (+0.41%)       National $1,061,930 (+0.08%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $765,156 (-0.86%)       Melbourne $497,287 (-0.04%)       Brisbane $603,986 (-2.12%)       Adelaide $458,533 (-0.76%)       Perth $487,745 (-0.55%)       Hobart $518,973 (+0.20%)       Darwin $390,036 (-1.70%)       Canberra $500,797 (-0.20%)       National $548,954 (-0.83%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,017 (+305)       Melbourne 16,861 (+38)       Brisbane 8,920 (+94)       Adelaide 2,683 (+93)       Perth 7,123 (+134)       Hobart 1,216 (+27)       Darwin 285 (0)       Canberra 1,288 (+65)       National 51,393 (+756)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 10,097 (-39)       Melbourne 9,079 (+75)       Brisbane 1,777 (+28)       Adelaide 464 (+11)       Perth 1,635 (+53)       Hobart 208 (+6)       Darwin 331 (+3)       Canberra 1,135 (+25)       National 24,726 (+162)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $600 ($0)       Brisbane $640 ($0)       Adelaide $600 ($0)       Perth $675 (+$5)       Hobart $550 ($0)       Darwin $750 (-$10)       Canberra $680 ($0)       National $671 (-$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $740 (+$8)       Melbourne $560 ($0)       Brisbane $620 ($0)       Adelaide $490 ($0)       Perth $620 ($0)       Hobart $450 ($0)       Darwin $570 (+$20)       Canberra $550 ($0)       National $587 (+$4)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,925 (+132)       Melbourne 7,088 (+56)       Brisbane 4,248 (+25)       Adelaide 1,340 (-39)       Perth 2,195 (-79)       Hobart 227 (-3)       Darwin 116 (+4)       Canberra 507 (-8)       National 21,646 (+88)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,513 (+76)       Melbourne 6,738 (+50)       Brisbane 2,310 (+70)       Adelaide 375 (+1)       Perth 609 (+11)       Hobart 102 (+3)       Darwin 260 (+16)       Canberra 699 (-41)       National 20,606 (+186)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.53% (↓)       Melbourne 3.16% (↓)       Brisbane 3.24% (↓)     Adelaide 3.39% (↑)      Perth 3.84% (↑)        Hobart 3.81% (↓)       Darwin 5.53% (↓)       Canberra 3.68% (↓)       National 3.29% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.03% (↑)      Melbourne 5.86% (↑)      Brisbane 5.34% (↑)      Adelaide 5.56% (↑)      Perth 6.61% (↑)        Hobart 4.51% (↓)     Darwin 7.60% (↑)      Canberra 5.71% (↑)      National 5.56% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 29.4 (↑)      Melbourne 31.4 (↑)        Brisbane 31.4 (↓)     Adelaide 24.8 (↑)      Perth 36.0 (↑)      Hobart 30.1 (↑)        Darwin 40.3 (↓)       Canberra 28.9 (↓)     National 31.5 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 30.0 (↑)      Melbourne 32.2 (↑)        Brisbane 31.1 (↓)     Adelaide 23.4 (↑)        Perth 36.2 (↓)     Hobart 32.4 (↑)      Darwin 42.6 (↑)        Canberra 36.0 (↓)     National 33.0 (↑)            
Share Button

Ozempic Fuels Hunt for Smaller Clothes

Retailers see nascent sales boost fuelled by people switching to smaller sizes; ‘not something we’ve seen before’

By SUZANNE KAPNER
Mon, Jun 17, 2024 8:47amGrey Clock 4 min

Apparel retailers are discovering that weight loss is their gain.

While blockbuster drugs like Ozempic that lead to significant weight loss have dented demand for diet plans and caused food companies to prepare for people eating less, clothing sellers are finding that millions of slimmed-down Americans want to buy new clothes.

The newly svelte aren’t just restocking their wardrobes, many are also gravitating to more body-hugging shapes and risqué designs, according to industry executives and shoppers. Some brands are responding by replacing zippers with adjustable corsets and adding more sheer looks.

The nascent downsizing is happening across brands and types of garments. Industry executives said that they can’t be certain weight-loss medicine is the cause, but added that the shift is unlike anything they have seen. It is also an about-face from recent years, when many retailers rushed to add larger sizes to accommodate Americans’ growing girth.

About 5% of Lafayette 148’s customers are buying new outfits because they have lost weight, often replacing their size 12 clothes with size 6 or 8, according to Deirdre Quinn , the brand’s chief executive. The benefit is twofold; in addition to boosting sales, Lafayette 148 is saving money because smaller sizes use less fabric, Quinn said.

More customers of clothing rental company Rent the Runway are switching to smaller sizes than at any time in the past 15 years, said Jennifer Hyman , co-founder and CEO. These customers are also showing more of a willingness to experiment with different styles such as cutouts and other body-baring features. “When you are more comfortable in your skin, you are more willing to try edgier looks,” she said.

For Maggie Rezek, getting dressed used to be about hiding her extra weight in oversize shirts and baggy pants. Since she lost 60 pounds on semaglutide, the active ingredient in Ozempic, the 32-year-old, who handles marketing for a beauty salon, has splurged on a new wardrobe. Now, her staples consist of crop tops and jean shorts. She has traded in her sneakers for kitten heels. She even documents her outfits on social media.

“Before, I was insecure about my body,” said Rezek, who lives in Indianapolis. “Now, I feel like I fit better in clothes. That gives me the confidence to dress up and be more stylish.”

Some 15.5 million people, or 6% of U.S. adults, say they have tried injectable weight loss drugs to slim down, according to a survey of more than 5,500 Americans conducted in March by polling company Gallup. Nearly three-quarters of current users said the drugs—a class known as GLP-1 that were originally developed to treat diabetes—are effective or extremely effective in helping them shed pounds.

Weight-loss drugs don’t work for everyone and the cost can sometimes exceed $1,000 a month, limiting the market. The full price isn’t always covered by insurance. Moreover, people struggle to keep the weight off once they stop using the drugs.

Still, some companies expect the market for these drugs will be big enough that they are shifting course. WW International , formerly known as Weight Watchers, acquired a subscription service that offers telehealth visits with doctors who can prescribe drugs like Ozempic. Nestlé is introducing a new food line this year designed for people taking weight-loss medication.

Clothing companies could use a boost. Apparel sales fell 4% in the 12 months that ended in April compared with the same period a year earlier, according to market research firm Circana, as people give priority to their spending on necessities.

Coming out of the Covid-19 pandemic, Amarra, which sells evening gowns and other formal wear in 800 retailers in the U.S., Canada and Australia, saw increased demand for larger sizes. Now, that trend has reversed.

“Over the past year, our retailers have been telling us they need smaller sizes,” said Abhi Madan, Amarra’s co-founder and creative director. Amarra, which is based in Freehold, N.J., has added sizes as small as 000. He says he is also selling more sizes in the 0-8 range and fewer in the plus-size range of 18-24.

Madan said the shift is changing the way Amarra designs dresses. It is replacing zippers with lace-up corsets, which can more easily accommodate shifting weights because the laces can be tightened or loosened. It is also adding more sheer side panels that give a figure-hugging look.

AllStar Logo, which sells polo shirts, fleece jackets and other gear to large companies, has seen demand for its largest sizes fall by half over the past year, according to Edmond Moss , its sales director.

“We used to sell a lot of fleece jackets in extra, extra large,” Moss said. “Now everything has gone down by at least one size.”

Sales of the three largest sizes of women’s button-down shirts fell 10.9% in the first three months of 2024 compared with the same period in 2022 at a dozen brands, according to Impact Analytics, which helps retailers manage their inventory and size allocations.

Sales of those same button-down shirts in the three smallest sizes grew 12.1% over that period. Impact Analytics analysed purchases in physical stores located on Manhattan’s Upper East Side. It focused its research on this area because it has the highest concentration of individuals in New York City taking these drugs specifically for weight loss, according to market research firm Trilliant Health.

A similar trend played out for women’s dresses and sweaters, as well as men’s polo shirts, sweatshirts and T-shirts, according to Impact Analytics.

Prashant Agrawal , Impact Analytics’ founder and CEO, said it wasn’t possible to know if the size changes resulted from people losing weight or a shift in clothing styles, but added that such a pronounced shift is unusual. “It’s not something we’ve seen before,” he said.

Some executives are worried that the shift could reduce demand for plus-size clothes.

“I’m trying to figure out what we have to worry about in the future,” said Doug Wood , the chief executive of clothing retailer Tommy Bahama, noting that as more people lose weight it could hurt sales of its “Big & Tall” collection designed for very large men.

Jillian Sterba went from a size 6 to a size 10 after the birth of her child. When the weight didn’t come off with diet and exercise, she started injections of semaglutide in October. Since then, Sterba, who is 36 and lives in Austin, has lost 35 pounds. She is now a size 4. “Almost half my clothes are not wearable,” she said.

She bought new jeans, tops, bras and underwear. “I had been wearing flowy tops before but now I’m wearing fitted shirts,” she said. Still, Sterba said she is keeping 80% of her old clothes just in case she gains back the weight.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The cost of friendship: why Australian social circles are shrinking
By KANEBRIDGE NEWS 22/10/2024
Money
The Generosity Power Move That Can Boost Your Career
By RACHEL FEINTZEIG 22/10/2024
Money
Behind Many Powerful Women on Wall Street: A Doting ‘Househusband’
By MIRIAM GOTTFRIED 22/10/2024
The cost of friendship: why Australian social circles are shrinking

More than one fifth of Australians are cutting back on the number of people they socialise with

By KANEBRIDGE NEWS
Tue, Oct 22, 2024 < 1 min

Australian social circles are shrinking as more people look for ways to keep a lid on spending, a new survey has found.

New research from Finder found more than one fifth of respondents had dropped a friend or reduced their social circle because they were unable to afford the same levels of social activity. The survey questioned 1,041 people about how increasing concerns about affordability were affecting their social lives. The results showed 6 percent had cut ties with a friend, 16 percent were going out with fewer people and 26 percent were going to fewer events. 

Expensive events such as hens’ parties and weddings were among the activities people were looking to avoid, indicating younger people were those most feeling the brunt of cost of living pressures. According to Canstar, the average cost of a wedding in NSW was between $37,108 to $41,245 and marginally lower in Victoria at $36, 358 to $37,430.

But not all age groups are curbing their social circle. While the survey found that 10 percent of Gen Z respondents had cut off a friend, only 2 percent of Baby Boomers had done similar.

Money expert at Finder, Rebecca Pike, said many had no choice but to prioritise necessities like bills over discretionary activities.

“Unfortunately, for some, social activities have become a luxury they can no longer afford,” she said.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
Money Buys Happiness, Even if You’re Already Rich
By JOE PINSKER 04/10/2024
Money
How Hello Kitty Took Over the World
By JACKY WONG 26/09/2024
Money
Las Vegas Strip Casino Accused of Hosting Criminals
By KATHERINE SAYRE 16/08/2024
0
    Your Cart
    Your cart is emptyReturn to Shop