Consumer buying habits pivoted away from fashion retail at the start of the pandemic, which resulted in masses of unsold inventory. However, consumer spending power is back as a result of more financial security. From April 2020 to April 2021, the value associated with dead stock fell by nearly 39% as retailers became more intentional with their assortments.
The pandemic forced retailers to think fast on their feet and pivot into areas outside their comfort zone to stay afloat. In our latest webinar, we’re joined by EDITED’s Retail Strategists, Grace Mellor and Rosalie Wetzel, along with Retail Analyst, Krista. They review the repercussions felt on fashion retail, consumer behavior and stocked assortments.
Backed by EDITED Market and Enterprise Intelligence, our retail experts analyzed pricing shifts year-on-year and performance indicators to advise retailers on which categories they need to hone in on post-pandemic. With an analysis drawn from products in stock on retailers’ sites, the webinar provides investment direction into categories with major upside such as women’s streetwear, homeware and mini-me ranges.
The discussion wrapped up with insights into untapped opportunities for expansion moving forward and what to consider for a maximum return on your investment.
Key takeaways:
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Physical retail stores were hit hardest by COVID, but found success through pop-ups, experiential retailing, innovating via technology and brand partnerships.
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Swimwear found success out of lockdown, with both arrivals and sell outs up. Sexy details, alongside sustainability initiatives are the areas to focus on next year.
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Women’s streetwear holds potential, with the customer base currently growing twice as fast as men’s at GOAT. However, the real future of this category is genderless.
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Mommy & Me ranges have been successful for retailers entering the kidswear space, with Fashion Nova even creating a dedicated dropdown on its site. Most retailers who have previously invested in this category skew towards stocking more girl’s products, particularly when it comes to girls matching womenswear. However, streetwear staple Fear of God recently moved into kidswear with a genderless collection filled with essentials like polos, sweats and T-shirts.
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Homeware assortments spiked 104% at fast-fashion retailers, with a spotlight on affordable accessories and decorative pieces to cater to Generation Rent.
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Modest fashion presents an enormous growth opportunity. Generation M, defined as middle-class millennial Muslim consumers, is expected to triple to 900 million consumers by 2030.
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