Clothing prices drop as inventory piles up
Black Friday came early this year due to the coronavirus, sending apparel prices plunging 12%
(FOX News)- The Wall Street Journal says between March and April – prices for apparel declined by 12%, a drop that was four times higher than what is expected for this time of year.
Adobe Digital Economy analyzed a trillion online transactions across 100-million product categories.
Stores have been closed, inventory piled up, and retailers have been forced to offer rare discounts on full-priced items.
The report says clothing is being discounted at the scale shoppers usually see during the Black Friday through Cyber Monday sales period.
There have also been “flash sales” to get you to buy shoes.
Puma, Nike, and Under Armour have offered up to 25% off online purchases.
Typically, retailers wait until Memorial Day to discount apparel – but the sales are happening much earlier – because shoppers are reluctant to spend money on non-essential items.
In addition to clothing, you can expect to see discounts on mattresses, select appliances, home and garden, and even automotive items.