In the recent spring market survey conducted by Joor, an online wholesale platform, it was discovered that buyers are eagerly looking for new brands for the upcoming SS23 season. However, many brands are approaching this cautiously and opting to offer carryover inventory. This survey serves as a valuable tool to gauge the fashion wholesale market, providing insights into the intentions of both brands and buyers for the new season.
The survey results clearly indicate a significant demand for new brands among global buyers. Around 88% of buyers expressed their interest in discovering new brands, which shows a steady increase over the past few seasons. This desire for something new is particularly prominent in the Asia-Pacific (APAC) region, with 94% of buyers actively seeking out new brands. This surge can be attributed to a pent-up desire for change after the pandemic and a willingness to move past the challenges experienced in recent years.
Nevertheless, while buyers are enthusiastic about finding new brands, the brands themselves are approaching the situation with caution. The survey revealed that 31% of brands plan to offer carryover inventory for the upcoming season, which is an increase from 22% in the previous year. Brands are also extending their selling windows to accept orders closer to delivery, aiming to maximize their sales. Additionally, 53% of buyers anticipate extending their buying windows and placing orders later in the season, enabling them to respond to trends and potential fluctuations in consumer spending. This cautious approach is most notable in North America but is also gaining traction in Europe, the Middle East, and Africa (EMEA) as well as APAC.
The survey also sheds light on the growth of cross-border orders. Approximately 72% of brands reported that their international business is either the same or greater than the previous year, and 75% of buyers stated that their investment in international brands has either maintained or increased. These findings emphasize the importance of having a global reach for fashion brands and the willingness of buyers to explore international offerings.
Another interesting trend identified in the survey is the return to face-to-face selling, although virtual appointments still play a significant role. More fashion brands are now planning in-person showroom appointments compared to a year ago, with 81% of brands indicating that they will conduct appointments in their showrooms. This represents an increase from 73% in the Fall 22 season. Technology is also becoming integral to the selling process, as brands are combining both in-person and virtual appointments to facilitate orders.
Kristin Savilia, CEO of Joor, commented on the contrasting trends revealed by the survey. She noted that while buyers are eager for newness and have increased budgets compared to last year, the uncertain global economic climate has led brands to approach the market with caution. This caution is evident in the increasing levels of carryover and evergreen products. Savilia emphasized that the hybrid approach, which combines in-person and virtual appointments, has become the standard for brands and buyers.
Overall, the Joor spring market survey highlights the strong desire for new brands among buyers for the upcoming SS23 season, while also acknowledging the cautious approach many brands are taking. It underscores the importance of having a global reach, the growth in cross-border orders, and the combination of in-person and virtual appointments. As the fashion industry continues to navigate the challenges brought on by the post-pandemic landscape, brands and buyers must find a balance between embracing newness and exercising caution.
Useful Links:
1. Joor (Joor’s official website)
2. Business of Fashion (A leading fashion industry publication)
