86
Fashion Jobs
SHISEIDO
K-Key Account Lead
Permanent · HO CHI MINH CITY
ADIDAS
Senior Director Product Creation Ftw
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Affairs & Reputation Manager - Corporate Affairs & Engagement
Permanent · HO CHI MINH CITY
JO MALONE LONDON
Education Manager, Jml/lm
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior HR Operations Executive/ Assistant Manager
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager 1 (Franchise)
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Category Manager - Cpd
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Business Planning Manager - Cpd
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager Product Creation (Sportwear)
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Product Manager - Shu Uemura
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
ON RUNNING
Social Compliance Specialist - Hcm Based
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Sourcing Operations
Permanent · HO CHI MINH CITY
WILLIAMS SONOMA
Wood Sustainability Specialist - (Global)
Permanent · THUẬN AN
PUMA
Manager Quality Apparel & Accessories
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Head of Quality Footwear
Permanent · HO CHI MINH CITY
Published
Sep 9, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Fashion stayed ahead in August but growth is slowing - report

Published
Sep 9, 2022

BDO’s August High Street Sales Tracker on Friday showed that the last few weeks of the summer saw the slowest growth in UK retail sales figures since the sector reopened after Covid lockdowns.


Photo: Pixabay/Public domain



Consumer confidence is at a record low and it’s clear that discretionary spending is slowing as a result, ahead of what should be the busiest retail quarter of the year.

So what actually happened last month? BDO said like-for-like (LFL) sales increased by 3.6% compared to August 2021. And sales steadily slowed as the month wore on.

Homewares was the most challenged category as sales fell 6.4% “signalling consumers are postponing large purchases”. Meanwhile, online sales slumped by 0.6%, the first negative result since March.

In-store LFLs recorded the lowest result (+8%) since the re-opening of physical shops last year.

On the plus side, August marked 18 consecutive months of positive LFL sales figures for the fashion sector, with a rise of 6% from a base of +27.6%. However, this was the sector’s lowest performance since February 2021, “raising fears that consumers may be cutting their discretionary spending and choosing not to refresh their autumn and winter wardrobes”.

Sophie Michael, BDO’s Head of Retail and Wholesale, said: “As summer gives way to autumn, retailers may be forgiven for not having much of a sunny disposition. Consumer confidence is at a record low and our data clearly shows that discretionary spending is slowing. It’s no surprise to see the homewares sector performing poorly, which is an indicator that consumers are deferring the purchase of big ticket items as households prioritise essential spend. 

“The slowing of growth in fashion will raise further concerns as we head towards autumn and the Golden Christmas Quarter.

“September’s results will show just how significant the pull-back in discretionary spending is likely to be this winter, but clearly these results in August show that consumers are cutting their budgets."

She added that BDO is seeing reports that retailers are already ordering lower quantities of stock than they normally would at this time of year and that it will be critical for retailers to manage their inventory and not tie up their limited working capital in unwanted goods.

Copyright © 2024 FashionNetwork.com All rights reserved.