The coronavirus pandemic is here to change everyone's lives. The confinement due to the epidemiological situation of Covid-19 has caused many social and economic changes, such as the postponement or cancellation of massive events and people spending more time at home. As a result, fans and experts in the fashion world have been finding new ways to adapt and reinvent themselves.
Many sectors are reeling from the fallout from the Covid-19 pandemic while staring into the abyss of the looming recession. The fashion industry has not been immune. In addition to economic factors, the industry is also facing lasting structural change.
During the last decade the fashion industry has been a global economic success. Steady growth, strong Asian market performance and booming online shopping set up a bright outlook. According to market research company Euromonitor International, in 2019 the value of the global fashion retail market was $1.78 trillion. This meant an increase of 14% compared to the previous year.
At the start of the pandemic, the 2020 sales forecast looked promising. However, the global health crisis has drastically affected the fashion industry around the world. While many retailers are concerned about sales figures, it is clear that the sector as a whole faces significant structural changes that will affect customer behaviour, the fashion calendar and even people's style.
Prevalence of online shopping
Before the chaos of the spread of the virus that causes Covid-19 began, significant growth in e-commerce was already being seen. Internet sales was the fastest growing segment of the fashion industry by the end of 2019. As people have been forced to stay home and limit their outings, the proliferation of online stores is a reality and a great business opportunity.
With fashion stores closed around the world, consumers are turning to the Internet. A strong online presence is key to brands' survival now and their success in the post-Covid-19 world.
While so-called “fast fashion” is flying off the shelves, durable and sustainable clothing is making its presence felt like never before. In short, fashion will take a 360º turn in the post-Covid-19 world. Earth tones, classic styles. Custom mouths and exclusive designs.
When the world recovers from the pandemic, fashion will never be the same again.
Travel restrictions and social distancing rules have moved fashion shows into a digital space for the foreseeable future. Online streaming of shows and a no-guest policy could become normal for fashion capitals and their A-list "influencers."
During the crisis, many customers and fashion lovers have been shopping more consciously and thinking about the ethical aspects of their shopping experiences. That is, the consumer mindset is expected to accelerate with the pandemic. For example, people are now thinking much more about supporting national companies that have a mission and a social cause.
Nobody saw the pandemic coming, but the scenario around the world has made people sit up and think about their options. People shopping during and after the pandemic are looking beyond brands and looking at fundamentals to make sure their choices are green. While colors will continue to trend seasonally, the emphasis will be more on quality, functional clothing.
Comfort wear took on a new lease of life during the lockdown and will continue to be a top trend. Sitting at home in comfy t-shirts and sweatpants has made people realize the vanity of closets full of fancy clothes, bags, and shoes. That is, many people are witnessing the futility of impulse purchases. Now they want to buy clothes that they like, but that they can also wear frequently and that are sustainable.
The coronavirus pandemic has forced us to rethink some habits in the fashion industry. Brands and retailers are seizing the opportunity to reinvent themselves and retain their customers. Should seasonal clothing be sold only in the right season? Should fashion brands think about consolidating with fewer seasons and a more capsule approach? That is to say, creating versatile quality garments that work and are worth investing in because they can be worn and combined at any time of the year, instead of having eight seasons a year and buyers consuming fast fashion from a season that ends in garbage in no time.
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Will Covid-19 change the way we dress?
People are buying what they can wear right now, while many are still in lockdown and opting for online shopping.
While sportswear and comfortable, lightweight clothing to lounge around the house is all the rage, the pandemic is expected to change the way we dress even when it's over. The Great Depression and World War II transformed fashion at the time and people's wardrobes.
The pandemic due to SARS-CoV-2 causing Covid-19 is definitely a watershed in the fashion industry of this century. Both during the duration of the health crisis, and in the world after Covid.19, creative trends in fashion will emerge. However, it is up to designers and entrepreneurs in the industry to lead this change.
Definitely, in the post-Covid-19 world, many trends in fashion and the way people dress will change. Still, it's too early to tell exactly what it will be like.
The fashion and clothing industry, one of the largest industries in the world with more than 2.5 billion in global annual revenue, has been affected like many other industries due to the pandemic lockdown. However, the growth of e-commerce is a good reminder that crises can create new opportunities for growth. Online shopping has grown steadily over the past few years, but it's true that it's seen a massive acceleration during the pandemic.
The shift to remote work, video calls, and virtual work and social gatherings have made consumers more pragmatic in their approach to fashion. Not surprisingly, fashion retailers report a 27% increase in sales of clothing “from the waist up”. That is, fashion blouses ( see: Sanrio City One Size Mesh Blouse ), tops and sweatshirts, while sales of pants and skirts have dropped almost in the same proportion (30%). To meet consumer demand, fashion retailers can focus their efforts on designing, advertising, and selling fashion apparel from the waist up.
Finally, the best way for fashion brands to attract shoppers in the post-Covid-19 world besides search engine rankings for online sales; is by listening to consumer preferences, monitoring their buying behavior, and creating products that meet customer needs. Especially at a time when so much is changing, it's critical to consider the consumer from the start.
With the ongoing pandemic and its effects for the foreseeable future, designers who are able to find safe and creative ways to advertise and sell their garments, as well as the quality and originality of their garments, will generate the most interest from their potential clients around to your brand and catalog.