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How is fashion retail doing? Despite the economic downturn, good, according to trade association Euretco. However, but no foregone conclusions yet.
Spring got off to a perfect start due to the pleasant, almost summer temperatures. Apart from the world's problems and other economic challenges – with currently the highest price inflation and the lowest consumer confidence, people seem to be in a positive mood. After years of restrictions, consumers want to stroll again. The consumer longs for new items and color and knows how to find his way to the fashion store. There also is a huge catch-up when it comes to the costumes and party dresses, because of all postponed weddings and parties.
Since the two previous seasons differ so much from the regular season pattern, it is difficult to compare the level of sales. Comparing this year's seasonal sales (summer 2022) with the 'Covid years' 2021 and 2020 gives a false impression. That is why we are looking at the pre-pandemic year 2019, although not comparable in terms of economic situation. Then we see an average turnover increase of 11 percent for women's fashion and a plus of 3 percent for men's fashion.
If we compare this season in the women's fashion category with 2021, up to and including week 14 of this year, we note an increase of even 60 percent compared to the previous year, partly thanks to the increase in sales of blazers, sweaters and blouses.
The men made an even bigger profit. Compared to last year, the turnover of men's fashion grew by 80 percent. This turnover is driven by sales in ready-to-wear fashion.
As indicated in the introduction, we cannot yet extract an end result from these provisional favourable figures. The end result depends on the weather, inflation, on how the customer will behave in the coming months with regard to spending the consumer euro and on the revival of Covid-19 in production countries such as China.
Nevertheless, we are going to end on a positive note, because for the time being the turnover figures are favorable. Rightly: shops look inviting and the spring weather makes for a pleasant run-up to summer sales. To end with an appropriate quote: "If we get a summer that goes with that dress, we can't complain."
Written by Marjolein Stormezand in collaboration with Euretco.