5 Key Takeaways: What Does the Post-Covid Era Have in Store for the Fashion Industry?
The Covid-19 outbreak has been a catalyst of a global economic downturn. Fashion has been one of the most affected sectors. Disruptions in the supply chain, fast-changing consumer behaviour, and declining sales have left businesses in the fashion industry in dire financial straits. Research by McKinsey & Company on The State of Fashion in 2021 showed a 15-30% decrease in fashion sales in 2020.
The retail landscape is changing in response to rapid fluctuations in consumer sentiments and behaviour patterns brought about by Covid-19. Some of these shifts are expected to linger long after this pandemic is over, whenever that will be. Below, we look at the key fashion trends that will be reshaping the apparel industry in the post-Covid world.
Sliding into Comfort Wear
Even after several vaccines have been authorised for use around the world, there’s no end in sight for the nightmare that is Covid-19. It’s starting to look like social distancing, lockdowns, travel restrictions, and mask mandates are the new normal. As the pandemic rages on, consumers are changing their wardrobe to suit their new normal.
People are leaning towards stylish but comfy for work from home calls, virtual dates, and video calls with loved ones. Easy, breathable, and comfortable attire will be the focal point of fashion for years to come. Fashion designers will start to cater to this trend.
Ecommerce Will Dominate Retail Fashion
New lockdowns in the UK have many people trapped in their homes since the first week of January. Consumers have to do their shopping online, even for everyday items such as groceries. People are becoming more accepting of a digital world. Ecommerce is gaining more acceptance in the fashion industry.
Online businesses in the fashion world are expected to thrive in the post-Covid era. However, online fashion retailers and consumers alike need to be aware of the cybersecurity risks associated with online shopping and take precautions to defend themselves and their customers. Shoppers should ensure they make payments in a secure network by using tools like a VPN (Virtual Private Network), and to sites with SSL (secure sockets layer) encryption.
Augmented Reality
Augmented reality (AR) is among the biggest technologies of the last decade. AR superimposes digital content and information onto the physical world. Augmented reality is a growing trend in the fashion retail segment. Since shoppers are unable to visit physical stores and use fitting rooms to try on new pieces of attire, fashion retailers can use AR to help customers try on clothes virtually.
Brands such as Converse, American Apparel, and ecommerce giant eBay, with their virtual departmental store in Australia, are already experimenting with augmented reality. The adoption of AR and other immersive technologies opens up a whole world of possibilities in the fashion industry.
Fighting for Racial and Social Justice
The racial and ethnic discrepancies in the impact of Covid-19 have been widely documented. Marginalised groups such as racial and religious minorities, persons living with disabilities, and migrants have been adversely affected. Consumers will expect businesses in the fashion industry to join the cause for a moral and just society.
Sustainable Fashion
Awareness about climate change is increasing. Consumers are increasingly considering the impact of their purchase on the planet. Research shows that the fashion industry is one of the most polluting in the world. Sustainability is likely to be one of the biggest trends in fashion in the post-Covid world.
The ongoing coronavirus pandemic has affected every aspect of our daily lives. Nobody can say with certainty what will happen when this pandemic comes to an end, but we know things will be different. Therefore, the best anyone can do, including fashion brands, is to take various steps to prepare for a ‘new normal.’