Sales: Federmoda reports a good start with a 3 per cent increase; strong presence of foreign buyers
Estimates for the first day of the sales: a good response from consumers despite the heat, with a significant contribution from tourism and foreign visitors
Key points
The summer sales season has got off to a good start, with rising sales and a strong contribution from foreign shoppers. This is according to an analysis by Federmoda-Confcommercio of the first day of the sales, which began on 4 July. “The summer sales season has got off to a good start,” commented Giulio Felloni, president of Federazione Moda Italia-Confcommercio, “with an average increase of 3 per cent compared with the first day of last year’s summer sales. Initial figures confirm pre-season projections and paint an encouraging picture for the fashion retail sector: consumers have responded positively, returning to the shops in search of quality, style and value for money.”
Businesses call for a balanced discount policy
“This year,” added Felloni, “we have seen a more balanced discount policy, with price reductions that are more varied and less aggressive than in the past. This has enabled consumers to take advantage of attractive shopping opportunities without unduly compromising businesses’ profit margins – a crucial factor at a time when costs continue to weigh on the competitiveness of shops.”
Significant contribution from tourism, and in particular from foreign visitors
According to FederModa, this promising start was bolstered by tourism, and in particular by the number of foreign visitors to our country. “An important contribution,” continued Felloni, “has also come from tourism, which is particularly benefiting cities of art and Italy’s main destinations, where the start of the sales represents a further factor in their commercial appeal. Even the uncertainty surrounding the weather seems to have been overcome. More favourable weather has accompanied the start of the sales, creating the conditions for good footfall in shops. We now hope that this trend will consolidate in the coming weeks, confirming the role of the sales as a valuable opportunity for consumers and as a tool to support the fashion retail sector.”
Average bill in Milan exceeds 100 euros
“‘The return of the heat – fortunately not yet as stifling as it was a few days ago,’ explained Gabriel Meghnagi, vice-president of Confcommercio Milano, president of the Rete Associativa Vie and deputy vice-president of FederModa Milano, ‘has not prevented shoppers from seeking out bargains in central Milan and along the main shopping streets. Foreign visitors continue to make up a significant proportion of the sales: 30 per cent of today’s customers. In particular, Swiss and Belgian visitors.”
The average spend on this first day of the Milan summer sales – according to FederModa Milano – is around 100 euros. The average spend by foreign visitors is higher: 125 euros. The most common discounts remain between 30 and 40 per cent.
