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Wednesday, July 15, 2020

Stats Gate

The Future Of The Online Fashion Market In Europe, Survey 2020

What is the future of the online fashion market? The largest fashion search engine in Europe, Glami presents the findings of a new survey conducted in 5 European countries as well as consumer trends and expectations for the future of the online fashion market. It is without a doubt that e-commerce is on the rise in the new era of fashion retail.

After the expected shift in consumer spending to more basic items, and the recent decline in fashion products, sales volume is expected to increase from the middle of the second quarter of 2020, largely driven by online consumer spending.

European citizens during the Covid-19 pandemic turned to online shopping. More specifically, the 69% of the consumers from Greece, the Czech Republic, Slovakia, Romania, and Hungary bought fashion products during the pandemic. The percentage of those who first bought online fashion products during the quarantine period was 15%.

The discounts played the most decisive role as 30% of the above European consumers said this was the main reason for buying because they offered something they wanted before the pandemic. The need for specific products (for example clothes for home) and the change of mood followed with 26%.

The 41% of Greeks chose a particularly significant interest for Greek online shops during the pandemic. This percentage was the largest among the compared countries. On the other hand, 24% of the citizens in Slovakia preferred the local online shops. In the Czech Republic, Hungary and Romania 23%, 22%, and 16% showed a preference for the local online shops.

68% of Europeans said they spent more or stayed at the same level of spending as before the pandemic for fashion products, while 29% said they were restrained, trying to spend less. What do consumers expect from online fashion stores? Europeans answered that free (41%) and secure intact home delivery (29%) are the most important elements an online store should have. 38% of the consumers said that they are interested in the products to be value for money. 27% of the consumers expect discounts to specific brands while 24% want low prices. The 23% asked for instant delivery service while the 22% finds important the excellent service generally.

It is worth mentioning that 60% of the consumers expect from fashion stores to sterilize products after each trial or return. More specifically, 77% of the consumers in Romania said that they want the products sterilized after each trial or return. 73% of consumers in Greece and 71% of the consumers in Hungary answered exactly the same. Also, 41% of the consumers in Slovakia and 30% of the consumers in the Czech Republic said that they want from the stores to sterilize products after each trial or return.

The Glami findings showed that the best prices and offers will determine the online purchases in the future. The special offers and discounts seem to determine the European consumers’  attitude in the near future as 40% of them said they will try to reduce their costs but will continue to look for offers from their favorite brands. On the plus side, 7% of the consumers said they would shop more than usual and 31% said that they do not intend to change their habits. Only 17% of the consumers aim to reduce their costs and buy the essentials at the cheapest prices. Finally, 4% is the percentage of those who answered that they do not think they will buy any fashion product.

25% of the Greek consumers are willing to reduce their expenses and buy the essentials at the cheapest prices. 23% of the consumers in Hungary and 20% of the consumers in Slovakia answered exactly the same. Also in Romania, 15% of the consumers are willing to reduce expenses and buy the essentials at the cheapest prices. Lastly, 14% of the consumers in the Czech Republic are willing to do the same.

On the other hand, the 49% of the consumers intend to maintain the same buying frequency as in the past, while consumers seem to be responding positively to the online fashion market, with 41% stating that they intend to buy more online products, even if the physical stores are open.

53% of the consumers in Romania plan to spend more money on online fashion purchases while 50% of Greeks are willing to do the same. Also, 38% of consumers in Slovakia, 27% of consumers in the Czech Republic, and 26% of consumers in Hungary plan to spend more money on online fashion purchases.

When asked about what would make them spend more on fashion products, the 65% of the consumers stated that they invest in the best quality of materials, while for 21%, style and sustainable brands are most important.


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Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at maria-gourtsilidou@ceoworld.biz.