New York, USA
US consumers are
shopping for summer wear, with relaxed COVID-19 restrictions and vaccinations.
Analysts believe the pent-up demand for apparel and accessories will benefit
Poshmark in the second quarter of 2021. Poshmark Inc mentioned that shoppers in
the US bought bathing suits, crop tops, bikinis and jean shorts as they look
forward to a better summer with relaxed COVID-19 restrictions. The roll-out of
vaccines and stimulus cash were also adding to the positive lookout and driving
sales.
Poshmark sellers
offer items that are both new and second hand. Under the second-hand category,
crop tops grew by 101% y-o-y, bikinis were up by 86% and jean shorts rose by
85%. In the first hand or new product category, swimsuits with the description
‘new and with tags’ performed well. Poshmark has a rule that items should be
properly cleaned before shipping and sellers give as detailed descriptions as
possible. An NPD Group report showed that the sale of swimwear was up by 32%
versus pre-pandemic levels in 2019.
A quarter of
Poshmark employees are based in India. Cowen analysts believe that the pent-up
demand for apparel and accessories will benefit Poshmark in the second quarter
of 2021.
Walmart Inc.,
which reported its first-quarter earnings for the year, mentioned that it saw
strength in apparels too. It added that
efforts were being taken to get COVID-19 under control in India, Chile, South
Africa and Canada.
MKM analysts feel
that the COVID-19 crisis in India has the potential to be
disruptive to businesses and delay new launches.
Macy’s, which
recently reported its first-quarter earnings, noted that luggage was the most
improved category for the quarter. It added that consumers were displaying
signs of moving towards a post-pandemic lifestyle with time for in-person
activities, travel and events.
Source – MarketWatch
Image Source: Unsplash
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