"Buying for the day,wearing for a week and going in for a new fad" is the current trend. Howare clothing retailers handling the situation?
A recent research report about the clothing market, andshoppers preferences states that 70% of the consumers prefer to buy throughbargaining, and 30% of them would prefer to an inexpensive clothing budget.With todays scenario of double income in majority of the households, peopleprefer to buy clothing just because it does not involve a hefty price tag evenif it is not essential for them. Buyers obsessions for cheap apparels have ledto the emergence of value clothing market.
Clothing retailers have startedto feel the pinch of increasing interest rates, alarming credit crunch, and aresulting influence in the consumer-spending pattern. There is a heavy cutbackon inventory. It is seldom possible to escape the loom and doom of the loomingeconomic downturn. During the period of recession, value-clothing retailerswill have to go for strong discount offers.
Value Clothing:
Fashion trends, and youngersection of the society are the prime focus of value clothing retailers. Storesneed an overhauling and require being more fashionable with attractive discountpropositions and more sophisticated product lines. Many consumers who cannotafford to be choosy while shopping for their clothes due to recession turn awayfrom designer outfits, and departmental stores. Thus value retailers offerclothing range that are inexpensive, and does not affect the consumers wallet.They provide benefits during times of recession, and possibilities exist thatthey become high street fashion in the future years to come.
Prominent Brands:
Retail market has changedsignificantly, with retailers growing noticeably bigger. Value clothing is asegment, which offers lucrative options for foreign revenue generation. Westernmarkets for value clothing are under developed. On the contrary, Central andEuropean countries offer tempting propositions. There, the purchasing power isat a lower level, and growth is anticipated once the economy recovers afterrecession. Mango has already launched new brand with inexpensive price tags inthe name think up. Gap is also gearing up to meet with the fierce challengesin the clothing arena. Tesco and Asda are also striving to grab their slice inthe global pie. H&M and Kiabi are expected to have a radical growth in thecoming years. Peacocks, and New look are showing healthy profit margins;especially for younger women.
Focus on Ethical Strategies:
Currently, the ethical part of clothing has become a largermarket, with more and more competitors entering the industry. As the preferenceand expectations of todays shoppers become more holistic, Primark will requirefocusing on ethical issues. Many retailers have started focusing on organiccotton for manufacturing their apparels. Value retailers will have to focus onethical strategies; if they wish to overcome the consumers perception that lowprice tag in a garment implies unethical manufacturing.
Value clothing is a perfect antidote for todaysfashionists. It has become lot more accessible, and acceptable in todays lifestyle. Industry analysts predict that if value clothing continues to perform inthe same level surpassing other specialist sectors, many players are likely toclose their range of operations, and switch to value clothing segment.
References:
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