Impact of COVID-19 on the Global Fashion and Lifestyle Market
14 December 2020: The ongoing COVID-19 pandemic is leading to massive unemployment and even those who are managing to keep their jobs intact have become victims of massive job insecurity. As a result, they are forced to cut down their expenses on non-essential items such as fashion products and save money for future emergencies. Furthermore, with more and more people staying at homes the demand for apparels, footwear, and accessories has dipped significantly. This is because many of them are not feeling the need to spend on these products. And as such, the demand for fashion products is estimated to normalize by next year with the launch of vaccines in the first quarter, according to the latest report “Global Fashion and Lifestyle Market: Size & Forecasts with Impact Analysis of COVID-19 (2020-2024)” released by ResearchAndMarkets.com.
Meanwhile, the McKinsey Global Fashion Index 2020 predicts that the fashion industry will continue to grow at 3 to 4 percent in 2020, slightly slower than the 3.5 to 4.5 percent estimate for 2019. China will continue to provide exciting opportunities and play a leading role in the global fashion industry, but the colossal market is proving harder to crack than brands anticipated. As some successful players become overreliant on China and others struggle, companies should consider spreading their risk by expanding to other high growth geographies.
Efforts by fashion retailers to provide a more personalized experience, Generation Z evolving as a lucrative customer segment, innovations through technology, revamping offline shopping experiences, spike in Mergers and Acquisitions (M&A) transaction activity and the emergence of athleisure are some of the latest trends existing in the market.