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Despite ongoing supply chain issues and growing inflation, consumer spending in the second quarter (Q2) of 2022 remained strong compared to Q1 2022 as average order value increased by 19 per cent, according to a recent report. As brands are likely responding to increased prices for goods, they are sending 18 per cent fewer discounts than they did in Q1 2022.
The onset of the summer season appears to be a bullish force on consumer spending. Apparel and accessories sector climbed despite rising prices, as the number of orders were up by 13 per cent compared to Q1 2022, as per the Q2 2022 edition of the ‘Business Trend Recap’ by Klaviyo.
Despite ongoing supply chain issues and growing inflation, consumer spending in the second quarter (Q2) of 2022 remained strong compared to Q1 2022 as average order value increased by 19 per cent, according to a recent report. As brands are likely responding to increased prices for goods, they are sending 18 per cent fewer discounts than they did in Q1 2022.
‘Back in Stock’ alerts are effective – in particular, companies with less than $5 million in revenue that sent ‘Back in Stock’ emails saw a 9 per cent increase in order value as compared to the last quarter.
American consumers are continuing to spend more than consumers in other countries; average order value in the Americas is up 24 per cent compared to 9 per cent in Europe, the Middle East and Africa (EMEA) quarter over quarter and just 2 per cent in Asia-Pacific (APAC), the report said.
“Despite the economic headwinds, consumer spending in certain categories continues to be consistent, particularly in categories like apparel and accessories as consumers start attending more events and returning to the office,” said Andrew Bialecki, CEO and co-founder of Klaviyo. “While consumers might pare back on buying higher priced goods like electronics, or price shop for more ‘essential’ goods, they’re still going to buy from the brands they love.”
Klaviyo combined insights from over 300 million global shoppers across more than 80 countries and territories powered by the company’s platform during Q2 2022 – between April 1, 2022, and June 30, 2022.
Fibre2Fashion News Desk (KD)
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