Huge department stores like Macy’s and Nordstrom have recently reported drops in revenue, which has caused concern about the future habits of U.S. shoppers. The lower numbers suggest that consumers are being more conservative when it comes to spending their cash, but The Deustche Bank reveals that isn’t actually the case.
As Business Insider reports, those stats aren’t very telling about our buying habits. According to their analysis, clothing and footwear only make up a mere three percent of what consumers spend their money on, which is kind of surprising when you consider the insane amount people are spending on things like a Yeezy Season 1 jacket.
Less shocking is the fact that the majority of the money people spend—67 percent to be exact—goes to services like eating at restaurants, visiting doctors, and paying landlords.