07-09, AUG, 2024, Istanbul Expo Center
Despite the inflation and recession concerns in the United States, Black Friday and Cyber Monday attracted great attention in 2022. Apparel became one of the driving forces of the discount days, as a growth of 14.4% was achieved compared to the previous year according to Mastercard SpendingPulse. Black Friday of 2022 was very critical, especially for retailers hoping to get rid of their excess stock in the wake of the pandemic.
Black Friday sales, which in time went beyond one day and turned into a spree of consumption, bear important opportunities for companies, especially when closing the year in the retail sector.
Since the 1950s, the holiday period, which coincides with the day after the Thanksgiving Day celebrated in the United States, has also been considered the official start of the shopping season. Black Friday sales, which in time went beyond one day and turned into a spree of consumption, bear important opportunities for companies, especially when closing the year in the retail sector. Since 2005, the Monday following the Black Friday has been included in the discount days under the name of "Cyber Monday". In this period, which has a great impact in the field of marketing around the world, the big discounts of brands including those in the fashion industry, draws the attention of consumers.
Textile and ready-to-wear sectors come to the fore on Black Friday
Not all discounts, of course, reach a level that will trigger a consumption frenzy, but when it comes to Black Friday, consumers who expect this period of the year tend to shop heavily. Today, it is known that most of the purchases are made by the influence of desires rather than necessity. While marketing is known as the heart of businesses, discounts are one of the most lucrative steps to increase profits and brand visibility. Today, discounting has become a sales art. Countries, especially Canada, the UK and the USA, reach record sales figures on Black Friday. Especially ready-to-wear retail stores and online retailers face intense interest from consumers. The staggering percentage of discounts on apparel drives the sales during Black Friday.
A survey conducted by Adobe Analytics put forth that, online sales in the United States in 2022 reached a record level of $9.12 billion, with mobile shopping accounting for 48 percent of digital sales. The research also shows that online discounts in apparel increased from 13 percent in 2021 to an average of 18 percent in 2022. Meanwhile, according to a Nielsen report, 53 percent of consumers purchased clothing, shoes and accessories during Black Friday.
Online sales in the United States in 2022 reached a record level of $9.12 billion, with mobile shopping accounting for 48 percent of digital sales.
The Black Friday, which started in the USA, also affected the UK's ready-to-wear apparel market over time. According to research, 29 percent of UK shoppers shop the most for clothing and shoes during Black Friday.
Changing expectations of the retail industry
This year's Black Friday was especially important for retailers, including those selling fashion and textile products, hoping to get rid of their excess stock after the pandemic. Such a high level of sales became a reference for the retail sector for consumer behavior in 2023. The results also made retailers begin to expect slow and steady growth in e-commerce. According to the National Retail Federation, in 2022, the number of consumers shopping in physical stores during Cyber Week — Thanksgiving to Cyber Monday — increased by 17 percent compared to 2021.
How sustainable is it?
The Black Friday, which started in the USA, has spread to different countries over the years, becoming the most popular of the sale days. Many non-governmental organizations oppose excessive consumption by rejecting discount campaigns. Institutions such as Fashion Revolution, which aim for sustainability in fashion, urge brands to avoid Black Friday sales and call on consumers not to shop during this period.
It is stated that the discount weeks lead the industry to overproduction and consumers to overconsumption. Research shows that Black Friday causes hundreds of tons of extra carbon dioxide emissions into the atmosphere due to excessive production and consumption, which lead to excessive use of chemicals, energy, fossil fuel, as well as high electricity usage by stores that are open for longer times. According to the research of Money.co.uk, the amount of carbon dioxide released during the week of Black Friday in 2021 was calculated as 386 thousand 243 tons. The extra purchases have harmed the planet on a par with the carbon dioxide emissions released by 285,000 planes traveling from London to Sydney. Experts have calculated that 10 percent less discounts during the Black Friday would reduce carbon emissions worldwide by 11 percent.
Garments, which are easily accessible and attractive with discounts, causes a lot of damage to the environment. According to a study by the Ellen MacArthur Foundation, one truckload of textile waste is thrown away every second. The rate of waste produced in homes in the United States increases by 25 percent between Thanksgiving and New Year's Day, and the majority of these wastes are packaging materials. Every year, 2.5 million tons of waste, including the packaging and the product itself, is generated due to returned items. While 30-40 percent of the clothes sold are returned, only 10 percent of the returned clothes return to the shelves for resale, and the rest turns into waste that causes environmental pollution.
Istanbul Fashion Connection’s (IFCO) Focus is Also on Sustainability
Organized by Istanbul Apparel Exporters’ Association (İHKİB) with the intention of building long-lasting bridges between the Turkish apparel industry and fashion brands from across the world, IFCO’s highly anticipated fourth edition will be held on August 9 – 11, 2023 with this year’s focus on sustainability.
IFCO’s highly anticipated fourth edition will be held on August 9 – 11, 2023 with this year’s focus on sustainability.
Latest innovations in the fields of apparel sourcing and textile sourcing will be presented during the fashion fair which has become a hub for fashion enthusiasts, designers, buyers, and trendsetters. All product groups in the apparel and fashion industry, including women's and men's clothing, baby and children's clothing, denim and sportswear, evening dresses, wedding dresses, underwear, socks, leather and fur clothing, and shoes, will be displayed to the attention of potential buyers willing to explore collaboration opportunities with Turkish textile manufacturers and vendors.
Prominent Turkish designers that have been acclaimed in recent years with their stunning collections exhibited at the prestigious fashion shows and fashion weeks organized across the globe will also be ready to welcome the visitors of IFCO.
