Due to technological advancement, rising globalization, and changes in consumer spending habit have bombard the Australian fashion industry. Australian fashion industry has gained 27.2 percent growth in online sales for the last six consecutive years.
Australian fashion industry accounts for 35.6 percent of all e-commerce sales which is estimated to be $7.5 billion in total sales for the clothing industry. Report says, women fashion products category is driving maximum growth with 43.8 percent while men’s fashion grew for 26 percent. In coming years’ consumers purchase ability will potentially grow. The Australian fashion industry saw a biggest sale in November, overtaking December sales numbers after recording as high as 30.2 percent year-on-year-growth.
Australian Post stated that the high purchasing trend has been growing due to the improved return options and buy now, pay later (BNPL) services.
Fashion is shaping the traditional retail landscape, among three online purchases one is fashion item. The most convenient return option is boosting confidence among online shoppers.
Fashion related BNPL services is also fueling the growth of the industry with 57 percent BNPL purchases.
Even fashion payment services now make up 7.7 percent of total online spending on physical goods in Australia.