Australian consumers are spending an average of $92 on fashion transactions and $111 on shoe transactions according to research from Vend.
While fashion and shoe retailers are seeing higher average transaction numbers in Australia, they also rank at the bottom for average basket sizes with fashion retailers reporting an average of two products bought per transaction and shoe retailers reporting an average of 1.5 products per transaction.
The report also found that retailers saw their total monthly revenues per store for the past 12 months reach 18% higher than the global average.
The report found that fashion retailers saw an average monthly revenue of approximately $25,000 per store while shoe retailers saw their numbers reach an average of $26,700 per store.
According to Vend APAC country manager Dave Scheine, the volatility of the retail market in Australia has led to a shift in trends over the past 12 months with value becoming a key customer focus which could benefit the fashion retail industry.
“It's value over volume for Australian shoppers. Over the past year, factors like a lack of household income growth and cautious consumption have impacted retail sales so the data may be showing that shoppers are simply being more selective.
“”The growth of payment options such as buy-now, pay-later could also be encouraging spending on higher-value items, as shoppers are able to afford those purchases paid off over time.
“Our retail sector has seen a lot of change and disruption in the past year. So it's encouraging to see these solid spending figures in comparison to other markets.”