Retviews’ data show a peak in the share of discounted items in September and October, standing at 42% and 40%, respectively – significantly higher than the same time period in 2021. Zooming in on Retviews data shows that in 2022, brands are discounting large portions of their collections earlier this year, rather than waiting for Black Friday to kick off the holiday shopping season.
Although the share of discounted items remained relatively stable between September and November in 2021, this year is a different story. There have already been two discount peaks, in September and October with November likely to also exhibit a peak as Black Friday rolls around. Leading brands in the US market (such as Aritzia, Abercrombie & Fitch, GAP, Target, Zara, Old Navy, Banana Republic, Uniqlo and American Eagle – among others) are getting ahead of the usual seasonal sales. An example of brands discounting earlier in the year is Mango, which launched its “mid-season sale” on the 28th of September in 2022, two weeks earlier than in the previous year which was launched on the 13th of October.
An automated benchmarking tool is key for a fashion brand, especially during discount season. This year, getting the right strategy is more crucial than ever. Retviews’ real-time data allows brands to track exactly when competitors are launching discounts, so that they can launch their own discounts quicker than ever and avoid missing out on the early holiday shopping wave.
Increased Spending on Gifts
As stated by PWC’s “Holiday Spending Statistics” this year shoppers are increasing their spending on gifts and experiences. Gen X and Millennials, who are expected to spend the most this holiday season, will spend more on gifts for family and friends rather than buying things for personal use.
Compared to last year, not only are brands releasing their holiday collections and sales earlier this year, but their gift guides are also being launched earlier than before.