The COVID-19 pandemic has taken the fashion industry and indeed the whole world by surprise, changing the way consumers shop and think. There is, of course, the immediate impact of the shutdown of many of the largest economies. Many retailers in the fashion industry – including some who were already struggling with limited in-person shoppers – are suddenly faced with no foot traffic at all. While this first impact is devastating to the industry, there’s much more to it than just this. The industry faces a variety of changes as the dust settles.
How Will the Industry Change?
The fashion industry is facing an incredible force of change. According to a McKinsey & Company report called “The State of Fashion 2020: Navigating Uncertainty”, it is already facing:
- 80 percent of publicly traded fashion companies will struggle with financial distress after just two months of store closures (in Europe and North America).
- Excess spring and summer product on store shelves now need additional discounting to get them into consumer hands.
- A labor crisis and manufacturing shutdown could lead to costly losses in the labor industry, including hunger and disease spread in high-risk areas.
Will There Be a Category for Essential Fashion?
While fashion isn’t always seen as essential, especially as many people tighten their spending, there’s a real opportunity for fashion to become a necessary distraction from the world of strife and struggle many are living in. There will still be demand for beautiful new clothing and stylish new trends even as consumers spend less. More so, luxury-end shoppers are likely to remain key buyers in the industry, often even more so.
Will Consumer Behavior Change?
Consumer sentiment is changing as well. Consumers – many of whom are unable to work or have a smaller amount of spending money due to a drop in income – are less likely to spend on fashion. The McKinsey report indicates consumers are likely to continue to tighten their spending as they stay out of public places. This may not change just in the immediate future, but for some time as the coronavirus continues to linger.
The University of Minnesota predicts it will take 70 percent of immunity in the population – meaning 7 out of 10 people must contract the disease – in order for coronavirus to begin to subside. The organization predicts this could take 18 to 24 months to occur. During that time, consumers may be less willing to shop malls and retail outlets.
Digital Shopping: Yet Another Growth Opportunity
The BOF report indicates consumers will not just give up on the fashion industry, but they will move to e-commerce even more significantly. It’s not possible to replicate the same experience of in-store shopping and trying on clothing. Yet consumers, weary of the virus and spending more time at home caring for their families, are likely to buy online. For many players in the fashion industry, this means more consumers will prefer digital shopping over physical stores. People still want to look and feel good about their clothing. However, the level at which they are comfortable with going to physical retail brick-and-mortar shops is the unknown factor.
Online shopping does present its own areas of concern and frustration for consumers. It’s difficult to purchase a sweater from one brand and a dress from another designer and know what size is best. Likewise, buying a gift for a friend, who could return it in person if it did not fit, is a bit more difficult now.
How the Coronavirus Could Change Fashion Choices
Another speculation about the current situation and its impact on the fashion industry is on fashion itself. There is a lot of potential change possibilities ahead. An NPR report entitled: “How the Coronavirus Could Shape Fashion Choices” provides some insight into this, noting that most stay-at-home orders made leggings and sweatpants the go-to option for many people. The move to athletic leisure, which was already in the works prior to the pandemic, is now even more likely to continue. It’s comfortable, fitting clothing that’s easy to work and play in.
Another key potential change is the move to designer masks. In some areas, masks are a requirement for stepping out of the home. Though there’s little insight available to know what major cities plan to do in terms of this requirement, high fashion could see a dramatic shift to face coverings of some type. These masks, which need to be both protective and stylish, could become the next handbag-like accessory of the year. In fact, in the fall and winter of 2019 fashion shows, a number of face coverings were already making an appearance.
A Move to Personal Style
While pieces like facemasks and leggings are sure to make it into the fashion industry more prominently in the years to come, there’s also likely to be a dramatic shift in style. Consumers are looking to reimagine their looks. A renaissance in personal style, as Kimberly Chrisman-Campbell of the NPR piece reports, is likely to be a focal point.
People want to leave their homes again, and many people want to look fabulous in the meantime. There’s a trend now of dressing up just to take photos. Being stuck at home doesn’t have to mean boring sweats and a lack of colour. For some people, it’s giving them more time to create interesting new looks and to reinvigorate their wardrobe. Then, they can easily share it on social media.
There’s no doubt the fashion industry is changing. The pandemic will leave its mark. Yet, it’s not perishing. There’s renewed hope of new opportunities in the industry.
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Oyinda is the founder of The Luxe Nude and is passionate about helping plus-size ladies gain their inner-sexiness and confidence through the provision of expertly crafted and quality lingerie and loungewear.
