What's in store for fashion in 2018?
Our fashion team give their three predictions for the market in 2018.
1) Shopping behaviour will be dictated by need rather than season
In the past, we've tended to spread our fashion spend evenly throughout the year. But our spending patterns are increasingly erratic; we're now hitting the shops when the weather demands rather than in anticipation. Retailers need to adapt, as unpredictable weather and this trend for only buying things when we need to both look set to continue into 2018. Ranging and instore merchandising needs to reflect the actual weather and customer needs, not the season.
2) Purchases that can be linked to experiences will be key
More of us are going on holiday, more often as we increasingly choose to spend our money on experiences, not products. This means there's a shift away from shopping during the ‘traditional’ holiday period. Retailers that can make the link between their ranges and the experiences we're looking for will be best placed to take advantage of this dynamic.
3) Consumers will become even more demanding
Falling levels of disposable income, inflation and modest price increases in the fashion market have made shoppers more aware of their spending. Consequently we're becoming even more demanding and expect the best experience and service in-store. That said, catering for the more demanding can be the key to significant revenue for retailers. Aiming for best in class service will satisfy the toughest to please and unlock increased spend.
Hear more from our fashion expert, Glen Tooke in his Retail Week column on how fashion retailers can learn from the grocers when it comes to responding to what consumers want.