How Covid 19 has shaken up the fashion industry!
The world has not been the same ever since the outbreak of Covid 19 late in 2019. As it engulfed more and more people globally, countries went into lockdown, and every facet of the economy suffered due to it. And the fashion industry was no stranger to that effect. Let’s evaluate in-depth the effect of Covid 19 on the fashion industry.
Fluctuating Demand –
One important effect of Covid 19 on the fashion industry is the demand drop. Most of that drop happened due to the lack of income caused by economic activity. But also, since most countries went into lockdown, no one was going out and thus not requiring anything new and fashionable to wear, even the one who could didn’t buy apparel and accessories.
That led to a drop in demand and the inability to predict how the future may shape correctly. There is no indication of how much damage exactly has been done to the world economy and how much more might happen before this pandemic gets over completely. And there is now way to predict how much of that burden will be borne by the fashion industry. That signals tense times ahead for the industry in general.
Change of Buying Pattern –
Another effect of Covid 19 on the fashion industry, and one that may be permanent, is that the consumer buying pattern may have changed forever. Since offices went into shutdown, the requirement for formalwear almost went nil, while the shift to a ‘work from home’ mode made comfort wear demand soar up.
And since many industries have realized the benefits that a ‘work from home’ pattern has to offer, a lot of that shift could be permanent. That would mean a slight shift of focus from formal wear to comfort wear in the working-age groups. The formal wear industry has already suffered in recent years due to a cultural shift to freelance working and the acceptance of casual wear at the workplace. And now, this pandemic might be the big dent that could shake the industry up for good.
Covid Accessorizing –
The outbreak of Covid 19 resulted in the exponential rise of demand for a few unique accessories, like masks, gloves, head caps, etc. According to estimates, the demand for masks shot up to USD 9 Billion in the year 2020.
With Covid protection gear becoming a mandatory requirement for almost everyone globally, companies began to produce fashionable Covid Gear and sold them at a premium. The users also responded well to it, and it gave the industry just a straw to cling to in these testing times.
Future Preparedness –
The most important effect of Covid 19 on the fashion industry is that it has given them some real perspective into how unprepared they had always been. Fashion is not a basic need. It’s more desire-based. Therefore, when a situation becomes dire, it is easily one of the first things people do away with.
The industry overall needs to understand that and somehow needs to make fashion more integrated into people’s daily lives. Also, the industry needs to adopt and adapt to modern practices like e-commerce, which is yet to work well in this particular domain. And the loyalty of consumers also needs to be rewarded for sticking to brands when times like these come about.
Overall, the fashion industry has undergone a tumultuous time in the last two years, and no one knows when those fortunes will reverse. But whenever they do, the industry must realize that what they had or have can not be taken for granted. Business practices need to evolve, better planning needs to happen, and fashion needs to feature everything that an individual does daily, not just stay limited to outfits, accessories, jewelry, etc.
It’s a challenging period, but one that could provide immense learning to the industry as a whole. Whether the industry comes out of it wiser or not, only time will tell. But one thing is for sure; it will never be the way it was. Read more fashion blogs to visit on web cyber secure