According to Joor’s latest whitepaper findings, global retailers are increasingly opting for wholesale products at lower price points, despite prevailing high inflation conditions. In Q1 of 2024, the average price per unit ordered on Joor witnessed an 8% decline compared to the same period the previous year.
This decline was evident across all global markets, with significant decreases noted in EMEA (-8%) and North America (-7%). Meanwhile, the average price point purchased in APAC experienced a less notable decline (-3%).
The survey underscores the growing importance of competitive pricing strategies in the retail landscape, with 29% of buyers now prioritizing offering lower price points when evaluating brands, compared to 25% last year.
Despite the challenges, there are positive indicators for growth. Seventy-five percent of brands reported that their sales volume equaled or exceeded last year’s figures, with nearly half noting an increase in international business, reflecting Joor’s extensive global presence.
Moreover, 62% of buyers reported maintaining open-to-buy budgets this spring that were equal to or greater than last year’s, indicating ongoing interest in exploring new brands that fulfill distinct market needs. Additionally, 84% of buyers expressed medium to high interest in discovering brands with unique positioning.
Amanda McCormick Bacal, SVP of marketing at Joor, highlighted the insights from the whitepaper, emphasizing a conservative yet optimistic approach from fashion brands and buyers in navigating the evolving retail landscape.
Joor’s report combines results from its annual survey of global fashion brands and retailers with analysis of transactional platform data, offering valuable insights into the competitive retail environment.
In April, Joor announced its “Sustainability in Focus” show, featuring brands committed to supporting sustainability through various practices.
