Affected by COVID-19, many flights around the world are grounded, and many people have to cancel their vacation plans. It is not difficult to predict that this will directly affect the swimwear market. However, just 20 minutes after the opening of Florida Beach, there was a full capacity. Will the swimwear market usher in an upsurge of consumption?
It is reported that on April 17th, US President Trump announced the three-phase plan for “reopening the United States.” The Florida government reopened beaches to the public. South Carolina also announced the opening of beaches and retail stores this Monday.
However, the COVID-19 has caused the production of various garment factories to suspend, and the “Staycations” method has become a new holiday choice for many people, so this year’s swimwear market is really depressed, but the northern hemisphere summer is coming, as a swimwear seller how to deal with it? Let us first look at the current situation in the swimwear market.
How are pricing and discounts affected by COVID-19?
Compared with the same period last year, most of the swimwear market in the United States this year is lowering prices, and discounts are widely available in mid-to-late March, partly because the United States has become one of the countries with the most confirmed cases of COVID-19. Throughout the month of March, swimwear discounts have been more intense than last year, with an average discount of 41%. However, as new products are gradually launched, discounts have now stabilized.
In the UK, the proportion of discounted swimwear this year not only surpassed that of last year but also exceeded the US market. Compared with the peak price in March last year, 60% of swimwear styles in the UK are discounted. Because British retailers have adopted lower pricing strategies, sellers need to be more cautious and do n’t discount excessively to hurt profits.
Has the time to market for new products slowed down?
As the holiday was halted, retailers have withdrawn their new season swimwear products. In the United States, the total number of new styles in the first quarter of 2020 was 9% lower than in the first quarter of 2019.
A similar situation occurred in the United Kingdom. As retailers began to be affected by supply chain disruptions and delivery difficulties, the speed of the new style gradually declined between February and March. Compared with the same period last year, the new volume in March this year down 18%.
How about the classification of swimwear styles in spring and summer 2020?
In the United Kingdom and the United States, bikinis are the main swimwear styles for spring and summer 2020, respectively accounting for 65% and 68% of the new market in the United Kingdom and the United States. Most retailers purchase triangle and tube top swimsuits, while sporty styles are more common in the UK.
The future development trend of the swimwear market
Due to self-isolation regulations, more and more people may sunbathe outdoors (whether in the backyard, garden or balcony). Therefore, you can use the “Where do you want to go” as a theme, and apply the unique and exotic print styles to swimwear to meet people’s holiday psychology at home.
However, with the end of the COVID-19 and the lifting of the ban on home isolation, outdoor tourism is expected to usher in a wave, and the swimwear market will usher in a wave of consumption.
Seize the opportunities in the swimwear market and stock up in time
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