The glamour and allure of London Fashion Week 2023 isn’t just limited to the runway. As fashionistas from around the world descend on the British capital this month, the fashion and footwear industries are celebrating remarkable growth in revenue, defying economic challenges and setting trends in consumer behaviour.
According to the latest industry data from the eCommerce provider, Visualsoft, both fashion and footwear have demonstrated exceptional resilience and vitality in the market over the past year.
Even accounting for inflation, these sectors have outperformed expectations, with footwear boasting an average growth rate of 27% year-on-year, while fashion is not far behind at 22%. These impressive figures are paralleled by a surge in order numbers, with both sectors experiencing an approximate 15% increase.
What’s more, the average order value (AoV) for these two sectors is on an upward trajectory. Fashion has seen a 5.5% AoV increase, while footwear has witnessed a substantial 10% boost. This impressive growth underscores the enduring appeal of fashion and footwear in today’s ever-changing market.
While fashion and footwear take the lead, other sectors have also shown commendable growth. Health, beauty, and cosmetics, have experienced a revenue increase of approximately 6%.
One prominent trend that has emerged over the last year is the shift towards mobile shopping. AoV and revenue have increased in nearly all sectors for mobile, indicating a transition away from desktop spending. Health, beauty, and cosmetics is the only sector that bucks this trend, with increased revenue through desktop and reduced mobile revenue.
Fashion and footwear have recorded the most significant year-over-year increases in mobile order numbers, each achieving over 20% growth. Even in sports, which has seen the lowest mobile order growth (-5%), the increase in revenue (2%) and AoV (7%) demonstrate that consumers are spending more per transaction.
Notably, health, beauty, and cosmetics boasts a significantly higher conversion rate than any other sector, with rates 2-3 times higher on most days. This suggests that shoppers on these sites are highly inclined to make a purchase, possibly seeking specific products they are already familiar with for repeat purchase.
Lenny Nash, CEO of Visualsoft said, “As London Fashion Week 2023 looks set to impress with its style and innovation, the fashion and footwear industries are sending a powerful message of resilience and adaptability in the face of changing consumer preferences.
“Our data clearly indicates that consumers are embracing fashion trends and are especially keen to invest in quality footwear, making this year’s London Fashion Week a significant milestone for these thriving industries. In the face of a challenging financial situation consumers are still keen to enjoy small treats, such as new clothing, and will be looking for a seamless eCommerce experience to make this as easy and enjoyable as possible.”
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