‘Repercussions of Disasterous 2020’ on Mona Shroff’s point of view
The Corona virus pandemic has had sweeping repercussions on all sectors of the economy worldwide. However, the sectors that will be extremely hard hit are the ones that come in the category of non-essential spending. Design apparel, Jewellery, and footwear definitely come in this category.
The global spread of the coronavirus is continuously impacting the fashion industry. As the coronavirus pandemic spreads, so do its impact. The virus is increasingly having a negative impact on the fashion industry specifically, has escalated in the midst of the fall 2020 fashion month season, causing brands and design houses to shutter their doors and postpone upcoming runway shows. Major retailers and brands are experiencing severe repercussions because of the COVID-19 pandemic, leading many to shutter their doors and manufacturing facilities, furlough their employees, and even file for bankruptcy.
Luxury brands are feeling the heat from the coronavirus outbreak, as consumers remain cooped up at home, unable to shop or travel. Analysts say it could take months for the sector, which is highly reliant on the world’s largest consumer market, to recover. Though some consumers are shopping online, market observers say it is not enough to offset a lack of physical purchases.
Though it has been dismissed as frivolous – if compared directly with the front line service industries fighting to keep people alive the fashion industry’s deterioration would see a serious impact on the global economy, not to mention the furloughing or unemployment status of millions of artists, designers, seamstresses and more.
Worldwide spending on luxury fashion items online has gone up year-on-year. Sales for online fast-fashion retailers are booming. More people are downloading apps that let them try on clothes digitally. Online jewelry brands are doing particularly well at the moment. While putting on jeans may feel like an effort too large, adding a pair of hoops or your favorite watch is an easy way to liven up an athleisure look and feel more like ourselves.
What has been experienced by the design industry worldwide, in the last five months, is just the beginning of a ripple effect. The COVID-19 pandemic will alter the complexion of the supply—production chain dynamics. There is, however, no need to panic—it is estimated that shopping online will replace in-store shopping, in a huge way, especially for the big brands and international labels.