US mass market average prices climb by 15%: Retviews
The prices of consumers’ favorite retailers are on the rise and inflation is once again to blame.
According to a study by data analysis specialist Retviews, which analyzed fashion retailers GapZaraOld Navy
The study found that Zara experienced the highest increase in prices, driven by a strategic decision to tap into a more premium sector, though Aritzia continued to maintain its position as the most expensive mass brand in the US market, with a current average price of $95.
Still, with higher prices, Retviews recorded a greater discounting season, as brands are increasingly relying on discounted items to drive sales, and to fix the ongoing issue of excess inventory that has been disturbing fashion retailers in recent years.
In fact, the data shows that on average, brands are decreasing their percentage of full-priced items by a strong 11%. Likewise, there has been a shift towards the 50-60% discount bracket and above.
Retviews’ recorded a notable increase in the prevalence of discounted items in 2022 compared to the previous year. Of all the product categories, dresses and skirts, and blouses and shirts emerged as the categories with the highest discount rates, standing at 71% and 72%, respectively. Moreover, the average discount rate across all categories has increased by an average of 16%.
The data also shows that price increases may differ from market to market. This is shown by Gap’s minimum, average, and maximum prices which are, on average, 9% higher in Europe than in the US. On the other hand, the most frequent price is 5% lower in Europe than in the US for a smaller assortment offering.