Findings from Joor's latest whitepaper reveal a trend among global retailers toward selecting wholesale products at lower price points.
The average price per unit ordered on Joor experienced a decline of 8% in Q1 of 2024 compared to the same period the previous year, despite prevailing high inflation conditions.
This decline was observed across all global markets, with the most notable decreases recorded in EMEA (-8%) and North America (-7%). In contrast, the average price point purchased in APAC reflected a less pronounced decline (-3%).
The survey highlighted the growing significance of competitive price points amid a challenging retail environment. Additionally, there has been a noticeable shift in buyers' priorities, with 29% now citing offering a lower price point as an important factor in evaluating brands, compared to 25% last year.
It emphasised a positive outlook, indicating opportunities for growth. Notably, 75% of brands reported that their sales volume was equal to or exceeded last year's figures, with 49% noting an uptick in their international business which Joor believes is a testament to its expansive global presence.
Furthermore, 62% of buyers reported maintaining open-to-buy budgets this spring that were equal to or greater than last year's. This underscores buyers' ongoing interest in exploring new brands that offer unique positioning and fulfil distinct market needs, as evidenced by 84% expressing medium to high interest in discovering such brands.
Amanda McCormick Bacal, SVP of marketing, believes Joor's Insights whitepaper and latest survey results reflect the current challenges facing the fashion retail landscape.
She said: "Broadly speaking, the findings highlight a conservative approach from both fashion brands and buyers as they look to optimise their business. That said, there are positive opportunities as well, with the majority of buyers reporting healthy open-to-buy budgets and an interest in discovering new brands. Additionally, brands have experienced growth in their global businesses which highlights the importance of a diversified distribution strategy and points to a positive future outlook."
Joor explained its report summarises the results of its exclusive annual survey of global fashion brands and retailers alongside analysis of its trove of transactional platform data, providing a unique and insightful look into today's rapidly evolving and highly competitive retail landscape.
In April, Joor announced a “Sustainability in Focus” show where it will present brands from around the world that are invested and committed to supporting sustainability through materials, manufacturing, packaging, circularity and fair trade, and labour practices.
