We expect a period of restoration to be characterised by a continued lull in spending and a decrease in demand throughout channels. As noted in our earlier articles on “getting woke,” radical transparency, and sustainability first, the buyer mindset was already displaying signs of shifting in sure instructions earlier than the pandemic. There is little doubt that 2021 will proceed to be powerful for many because the COVID-19 pandemic tracks an uncertain trajectory.
According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while absolutely the variety of sustainable fashion products stays low, there was a fivefold enhance over the previous two years. The coronavirus also presents the style industry with a chance to reset and reshape the industry’s value chain utterly—and an opportunity to reassess the values by which it measures actions. We count on that themes of digital acceleration, discounting, industry consolidation, and company innovation shall be prioritized as soon as the immediate disaster subsides. Even after witnessing waves of insolvencies, industry leaders might want to get comfy with uncertainty and ramp up future-proofing efforts because the potential for additional outbreaks and lockdowns loom.