The fashion industry has been greatly impacted by the ongoing coronavirus pandemic, leading to a surge in fashion discounting. Even before the mandatory closure of stores, retailers were already heavily discounting their products. This trend has only intensified as the pandemic continues to devastate the SS20 season. According to LovetheSales.com, a website that tracks millions of products and helps consumers shop online sales, there has been a significant increase in the number of discounted products.

From March 19 to March 25, the number of discounted products saw a 21% increase compared to the previous week. This represents a staggering 40% increase compared to the same period last year. Among the categories hit the hardest are footwear and accessories. Men’s footwear discounts rose by 30% during the mentioned seven-day period, while women’s footwear markdowns increased by 34%. Women’s accessories also saw a significant increase, with discounts rising by 31% compared to the previous week and a shocking 71% increase year-on-year.

What is interesting about these discounts is that they were already on the rise prior to the mandatory store closures. This suggests that retailers were proactively utilizing online platforms to offset the impact of the pandemic. LovetheSales.com suggests that retailers are prioritizing cash flow by turning to online sales. Luxury brands, in particular, saw a substantial increase in discounted products, with a 123% rise compared to the previous week. This is in stark contrast to last year, where there was a 17% decrease in luxury discounts during the same period. Premium brands also experienced a slight increase of 1% in discounted products, but this represents a significant 37% decline compared to last year.

High street brands also saw an increase in discounted products, with an 11% rise compared to the previous week. Last year, the increase was only 6%. Moreover, data reveals that certain categories, such as women’s onesies, women’s underwear, maternity wear, and men’s jeans and T-shirts, saw significant increases in discounted products even before the lockdown measures were implemented.

Stuart McClure, the founder of LovetheSales.com, emphasizes the challenges that retailers are currently facing and the need for innovative solutions. While these high volumes of discounting are aimed at driving spending and clearing stock, retailers must consider new strategies to navigate the evolving challenges they will encounter during 2020 and beyond. With the future uncertain, it is crucial for the fashion industry to adapt and find creative ways to overcome the obstacles posed by the coronavirus pandemic.

For more information on fashion discounting during the pandemic, visit:
– “Fashion Retailers Grapple with Impacts of COVID-19”: https://www.examplelink1.com
– “Strategies to Successfully Adapt to the New Normal in Fashion Retail”: https://www.examplelink2.com