Checking In With Global Fashion
Author: Jasmine Waters
The sounds of retailer re-opening their doors on a regular basis has been music to our ears. We’ve heard the reports of UK and European retail sales picking up once again, with an overall healthy turnout of consumers back into physical spaces. There may be eventual positive progress to change, but what are we really seeing? Here’s a brief round-up of exactly what international retail is currently experiencing.
What’s happening in the global market?
Straight away, we could question the view we have of other retailers in 2021. Despite the snaps of long queues spilling into the road outside the big high street names, for some the journey back to full health has been a little quieter. Regardless, collective resilience has been nothing short of incredible. Thanks to extensive analysis conducted by Euretco, we now have a much more detailed picture of the impact the reactivation of retail has provided. With all retail segments added together (including, fashion, gifts and homeware), retail is still currently 35% behind turnover seen in 2019. The good news is that we’re well on the way to changing that, with high streets reopening across the UK and Europe. Alongside restrictive COVID-19 safety measure, there are regular unforeseen circumstances retailers will have to bear in mind when wooing their customers back – such as the great British weather.
What figures are we seeing?
On a more positive note, there’s been a 44% increase in turnover on womenswear since April, with an increase of 14% in the outwear and jackets category. With unprecedented times (and weather) still looming over us, these are items that consumers can wear now, receiving the instant gratification that so many now demand. In menswear, there’s been a 20% increase in jackets and 16% increase in pants. Not bad overall growth considering we’ve been in a pandemic for over 12 months.
The tables now turn back onto fashion retailers themselves, with the question of whether turnover can keep increasing – and quickly. A big help would be a collective decision on when best to slash prices, if at all. If summer sales are kept at bay, the longer period retailers have to get their money back up. The future of fashion is still a very confident picture, with the power lying in the hands of retailers across Europe and beyond.
Photo source: https://www.invesco.com/