The rising trend of increased return rates in the post-pandemic era is set to continue, and Black Friday is no exception. Recent research conducted by True Fit reveals that up to one in every six UK fashion purchases made on Black Friday may face returns.
True Fit, known for its cutting-edge AI platform that deciphers size and fit for both consumers and apparel retailers, surveyed over 1,000 UK consumers, uncovering fascinating insights. Gen Z emerges as the leading cohort in return rates, with an astonishing 25% of their Black Friday fashion purchases expected to be sent back. Millennials closely follow, with projections of returning just over a fifth (21%) of their Black Friday fashion buys.
These predictions pose challenges for the fashion sector, currently grappling with an overstock issue. The inability to move summer merchandise due to a cool early summer, coupled with unseasonably warm weather affecting autumn goods, creates a complex inventory situation.
However, there’s a silver lining. Gen Z, despite leading in returns, is expected to be a driving force in spending during the Black Friday-Cyber Monday (BFCM) discount event. The average 18-25 year-old plans to splurge £389 on clothing, shoes, and accessories. UK shoppers, on average, anticipate spending £239 on fashion during the BFCM weekend, while Millennials are setting the bar higher at £334.
Additional insights from the Institute of Practitioners in Advertising (IPA) suggest that 51% of UK consumers are gearing up for BFCM spending, with 33% planning to allocate up to a quarter of their total festive shopping budget to this period.
As the Black Friday season approaches, the fashion sector must prepare for a surge in returns, while simultaneously catering to a generation of eager and discerning shoppers, particularly Gen Z and Millennials.
