‘Muted’ Golden Quarter fashion order volumes were buoyed by a Black Friday boost, while fashion revenues rose +6 per cent compared to 2022 in December, the latest data from True Fit.
True Fit’s Fashion Genome™, the world’s largest connected data set for apparel and footwear, showed that while demand (order volumes) fell marginally year-on-year in December, overall demand during Peak Trading was bolstered by Black Friday and Cyber 5, the period which covers Thursday 23 Nov – Cyber Monday (27 Nov 2023).
Order volumes of apparel fell by -7 per cent year-on-year in December. However, those who did place fashion orders were spending more during the Golden Quarter (Q4), with fashion revenues up +10 per cent in October, +12 per cent in November and +6 per cent in December. Meanwhile Average Order Value (AOV) also grew 11 per cent compared to 2022 in Q4.
Discounting events, such as Black Friday played a key role in generating demand during Peak Trading; True Fit’s data showed order volumes on the week of Black Friday (w/c 19 Nov through 25 Nov) rose +14 per cent year-on-year, as price-sensitive shoppers sought out deals.
Jessica Arredondo Murphy, Co-Founder & COO at True Fit, commented: “Discounting will, of course, remain a key lever in securing share of wallet while household spending remains squeezed. With a muted economic outlook, this will continue past Peak Trading and into 2024, making margin protection a key consideration for retailers in 2024.”
“With our research suggesting the average UK shopper returns almost a quarter of the fashion items they buy, retailers must look towards strategies that protect margin to drive growth. This will rely not just on limiting unnecessary fit-related returns, but also on leveraging strategies to retain customers acquired during discounting periods and sales events, turning first-time shoppers who have bought at discounted prices into repeat, full-price customers in 2024.”
Demand for fit guidance also rose during Peak Trading, up +60 per cent month-on-month in November and increasing by +122per cent during BFCM compared to the first week in November. Over BFCM, True Fit saw 2.4 million new shopper registrations, while December saw True Fit registrations rising +20 per cent between the week of Christmas and the last week in December, with Boxing Day (26 Dec 2023) the biggest grossing day for new sign-ups.
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