An increasing number of customers does not seem willing to pay full price for fashion any more as years of discounts have altered the customer’s point of view on fashion items’ worth.
Consumers used to discounts
Fung Global Retail & Technology and First Insight’s study questioned 57,000 women from eleven different countries across three years. Conclusions: as clothing prices dropped, customers are no longer willing to pay as much.
Based on the study, customers were only willing to pay 76 % of the full asking price, following a fashion retail trend to hand out major discounts to get clothes off the shelves more quickly. Retailers now face the difficult task to get customers reintroduced to a period with fewer discounts.
Only fashionable sports clothes seem to buck the trend, because people tend to spend more money more quickly for these particular clothes, despite the fact the prices have gone up considerable over the past few years.
