Fashion retailers can expect a robust buying season this fall, but they shouldn’t rely on impulse purchases to boost business. That’s because shoppers say they’ll weigh factors like how long clothes will last and whether fashion brands align with their values and preferences, according to our recent consumer survey.
Nearly all respondents (98%) plan to spend on fall fashion items. Clothing and shoes make up the bulk of their intended purchases, at 83% and 12%, respectively.
Worries about a possible U.S. economic downturn don’t weigh much on their budgets. When asked about how much they’ll spend this year compared to last year, 46% plan to spend more, while 31% expect to spend the same amount.
Key factors that will move shoppers to buy
Nearly 4 in 5 shoppers predict their fashion purchases this fall will be “considered” purchases rather than impulse buys. Their considerations include three specific factors.
Sustainability: Most of the shoppers in our survey (76%) said it’s important to buy sustainable fashion, which they defined as clothing that is long-lasting (52%) or made with minimal environmental impact (35%). A majority of them (78%) are willing to pay more for this kind of fashion.
Brick-and-mortar presence: Being able to try on clothing in a store was considered important by 90% of shoppers. If they’re buying clothes they expect to last, shoppers prefer brands that help them ensure a good fit.
Pay-over-time option: A majority of shoppers (52%) said they would consider paying over time for a fashion purchase. The top reason: It helps them budget. In addition, 40% said they have more favorable views toward fashion brands that offer pay-over-time options.
These insights were gathered as part of our annual fall fashion survey, conducted online in July 2019 with over 1,200 Americans aged 18-54.
How fashion retailers can capture more buyers
You can win more business this fall by:
Emphasizing the durability of your products
Being transparent about your brand’s environmental impact
Offering consistent customer experiences across multiple channels
Making pay-over-time options available at checkout
Offering Affirm as a payment option can also help you maximize sales with customers who prefer paying over time. Jomashop, a New York-based retailer of luxury goods and fashion accessories, saw several benefits from offering Affirm to customers, including a 210% increase in AOV and a 34% boost in repeat purchase rate.
“Affirm is making more and more customers feel comfortable about buying something that has a higher price tag,” said Osher Karnowsky, General Manager of Jomashop. “It’s good for our business, but even better for our customers because they’re getting something they love that they wouldn’t have been able to obtain in the past. And all in a responsible way.”
Read more about how other fashion brands are partnering with Affirm and transforming their business results. If you’d like to learn more about how your business can benefit from offering Affirm, visit our site.
About the AuthorMore Content by Tom Musbach