While the retail industry experiences a surge in sales during certain periods, it's equally important to recognize the slower months, which typically fall in January and February. After the festive frenzy of holiday shopping, consumers often tighten their purse strings, leading to a noticeable dip in retail activity.
This post-holiday period is marked by a collective breath as shoppers recover from the expenditure of gift-giving and the indulgence of end-of-year sales. Statistics have shown that e-commerce sales can experience a decline of up to 30% during these slower months compared to the highs of December.
The trend is not isolated to fashion e-commerce , brick-and-mortar also feels the chill of the new year. With customers focusing on savings rather than spending, January and February are traditionally the slowest months for online fashion retailers. Interestingly, while November, December, and January are among the best months for e-commerce overall, the latter part of January and February sees a shift as the initial post-holiday sales wane.
The decrease in traffic and sales usually continues until March or April, marking a challenging period for retailers who must find ways to engage with customers and get the business momentum going for Spring and Summer months.
As we look at the broader picture, it's important to look at an industries annual growth rate. The fashion industry saw an 8.3% increase in 2022, a slowdown from the previous year's 18.4%. This indicates a stabilization after the pandemic-induced boom in online shopping.
