Bargain-hunting Britons seek investment accessories and high street buys - report
New LovetheSales.com analysis of e-shopper demand shows a hunger for luxury investment pieces as well as high street fashion for the looming day when consumers will be able to restart their social lives.
LovetheSales has been releasing reports throughout the lockdown but despite some good news, the new edition, dubbed Retail Recovery Report, also suggests that “there is still a way to go before retail can breathe easy” with demand being fuelled by unprecedented levels of discounting.
The company found online demand for high street and premium clothing spiking in the past fortnight in response to sluggish physical trading in reopened shops. High street brands saw demand rising 22% year-on-year in the period while premium labels rose 19% compared to June 2019.
But while luxury brands saw no change in demand levels, consumers are still searching for key luxury brands and investment pieces online. LovetheSales said consumers in Britain are searching for Burberry in particular, as well as Moncler, Kenzo, Vivienne Westwood, Gucci, Moschino, Saint Laurent, Prada, Valentino and Fendi.
The most searched for discounted items from the luxury brands aren't clothing items but accessories. “Consumer demand for discounted investment pieces has never been higher,” the company said.
“The high street has had a rough few months with online demand for brands such as Topshop and Zara in the doldrums during lockdown, but now the public is on the hunt for high street brands,” the company said of items further down the price scale.
LovetheSales founder Stuart McClure added: “With outdoor life opening up and the promise of trips to the pub and restaurants on the cards come July 4, the British public is on the hunt for summer clothing and the ease of high street staples. High street brands should take note, online demand is there and needs to be capitalised upon now.”
The company added that two brands now owned by Boohoo — Karen Millen and Coast — along with Arcadia’s Miss Selfridge have been leading the charge with massive discounts.
The two Boohoo labels are cutting the prices on 100% of their online offer, with Miss Selfridge not far behind on 93% and French Connection also discounting most of its offer (86%). Coast also has the biggest average price cuts at 51%.
LovetheSales’ data also showed that discounting is widespread across a large number of major names, including those that have been struggling and much more successful retailers.
High performer Reiss, for instance, has 76% of its offer on sale. AllSaints, Phase Eight, Topshop and Joules are not far behind.
For menswear, French Connection has 84% of its online range currently on sale. And TM Lewin, which is under new ownership, is offering the best menswear deals online, with its sale items currently seeing an average discount of 58% off the RRP. The brand has 74% of all its online stock discounted.
But both Ted Baker and Lyle & Scott have even more menswear stock marked down. And other menswear brands with extensive markdowns are also being seen, including AllSaints, Pretty Green, Reiss, Ben Sherman, Mango and Converse.
It’s unsurprising that there are such deep discounts with LovetheSales saying that overstock from SS20 collections is estimated at €160 billion worldwide and €60 billion in Europe alone.
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