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How is the fashion industry doing at the moment? Turnover is going well, according to trade association EK Retail. Most fashion retailers are satisfied with the current seasonal trend, in which profitable figures are written. That's a good start.
The rain showers seemed to stagnate sales for a while. Also figuratively. The uncertain situation regarding the war in Ukraine and the economic consequences, on top of the recovery from the pandemic, still bring the fashion retailer a lot of uncertainty. Staff shortages, scarcity of production capacity and high transport costs from Asia also play a role.
Together with the high energy prices and inflation - in May prices were 10.2 percent higher than a year ago, according to figures from Statistics Netherlands - this could still turn out to be negative.
Consumers will not be affected by inflation and rising energy prices for the time being
This hasn’t happened yet. For the time being, the consumer is not keeping an eye on their spending budget. Not all households may be affected by the rise in energy prices or the savings that have been hoarded during the pandemic will be tapped. Another important factor could be labour shortages. High job security often gives people confidence to spend.
However, developments in the current marketing year are in any case still favourable. Up to and including the first week of June, seasonal turnover in the women's fashion category is 34 percent above the turnover of the same period in 2021. For men's fashion this is 49 percent. Turnover in children's fashion rose by 7 percent compared to last year.
Over the entire period from 1 January to the first week of June, independent fashion retail is also generously ahead of the pre-corona year 2019. The categories of women's and men's fashion realise an average of 20 to 23 percent higher turnover than in 2019. children’s fashion is more than 10 percent above the written total turnover of 2019.
In short, we are still in a positive position. In the coming autumn, the mood will probably moderate somewhat. We have learned that predictions are no guarantee for the future, that it can spontaneously and rigorously go in a completely different direction. That too is entrepreneurship. As long as it always works out. Good luck with the sale!
Written by Marjolein Stormezand in collaboration with EK Retail (formerly Euretco).