Our inside look at recent selling price trends gives retailers hope that shoppers are warming back up. See where consumers are spending – and where they’re lagging – in our latest report.
May 22, 2023
Economic uncertainty has inspired bouts of more conservative consumer spending. These volatile sales cycles make it difficult for retailers to accurately plan future cycles – resulting in heavy discounting and excess inventory across the industry.
“The good news is that shoppers are indeed spending more on average than they did last year at this time.”
To get a better sense of what retailers can expect from the summer selling season, we analyzed data from 70 retailers across our platform using data from True Fit’s Fashion Genome: the world's largest connected data set for fashion.
While we noted a small dip in AOV this past March, the good news is that shoppers are indeed spending more on average than they did last year at this time.
Take a look at our breakdown by category to see where consumers spent and where they stalled over the last three months.
In general, we saw average prices increase across most departments and categories in April. The most significant year-over-year increases in Women’s were in the categories of Tops, Bottoms and Dresses. Women’s Swim saw the smallest year-over-year increase.
Unlike Women’s, which saw price increases across the board, prices for Men’s Shoes were flat year-over-year. Men’s Suits saw a 3% decrease in price and Men’s Swim was down 20% in April 2023 as compared to prices for April 2022. The price gains seen in Men’s Tops and Men’s Bottoms were only half of the gains seen on the Women’s side in April selling.
Shoppers in April spent more than double what they spent last year on Kids’ Apparel. While shoppers spent 33% more for Girls’ Shoes this year, Boys’ Shoe prices were flat YoY. In general, gains in selling prices for Kids’ Shoes were much smaller increases relative to what the April pricing trends seen in Kids’ Apparel.
Prices for Gender Neutral Kids’ fashion remained relatively flat for shoes and tops, but we saw shoppers spent 27% more on Gender Neutral Kids’ Swim and Bottoms over April last year. There was a 50% decrease in the price shoppers paid for Kids’ Gender Neutral Tops in April over last year: the largest decrease of any category.
In addition to year-over-year prices increasing in April, True Fit also saw some interesting Share of Wallet Trends. Gender Neutral Apparel and Footwear accounted for 11% of Sales in April 2023: double what they spent on Gender Neutral fashion a year ago. Meanwhile, there was a decrease in Men’s sales overall with sales of Men’s fashion contributing only 30% in April of 2023, versus 35% of sales in 2022. Women’s and Kids’ share of wallet was flat year-over-year in April.
Lastly, Shoe sales were a bright spot across every department in April. Women’s shoes represented 42% of sales in April, while Men’s and Kids’ shoppers spent over half of their fashion wallet on shoes – with men’s and kids’ at 55% and 53%, respectively. Although Swim and Dress sales hadn’t yet revved up in April, True Fit’s April data does show some hopeful consumer trends heading into summer.
Plugging into True Fit – the leading size and fit AI platform for fashion – can help retailers build consumer confidence to improve sell-through and move inventory during this important summer selling season and beyond.
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