This may be a relevant point, especially if the segments experiencing increased basic cost of living costs (rent, healthcare, housing, education..) are the same

This may be a relevant point, especially if the segments experiencing increased basic cost of living costs (rent, healthcare, housing, education..) are the same segments that spent a lot of clothes. Remember that averages are averages, and increased rent (for example) only affects renters, and affects new contracts faster. Some people experience housing cost inflation more than others, more than average. For an unqualified guess/theory, it's possible that young, single, middle class people renting in large metros (eg NY, London) represent a major segment of the fashion industry. They're facing the full wack of housing cost inflation. Possibly amounts to reduced discretionary spending, which for some people means mostly shoes.