Without a doubt, 2020 has been an immensely strange year to say the least. The impact of the coronavirus has been immense. Not only has the coronavirus affected the way we live on a day to day basis but it has also taken a massive toll on the fashion industry.
During the initial lockdown back in April, the BBC reported that clothing sales plummeted a massive 34%. Lockdown restrictions meant that much of the world was unable to socialise and shop. Generally, people were either unable to or simply not wanting to purchase clothes. It seems that the public were concentrating on purchasing essential items only with a sharp eye on finances thus consumer behaviour changed.
Even with the simplicity of online shopping and payment options like Klarna, the majority of purchases within the fashion industry do still occur in physical shops. The in-store experience is more than a mere shopping exercise for many. It is often a social experience either with friends or family. As a result, retailers have lost millions of pounds.
The general effect on retailers has been disastrous and has directly affected suppliers, manufacturers and employees leading to huge financial losses.
Large retailers who have a strong online presence did do better during the lockdown periods and were the go to for those who still wanted to purchase but could not do so in person.
Many are looking forward to 2021 and with the introduction of a COVID vaccine, it seems that there is really light at the end of the tunnel.
In order to stay afloat and continue, many retailers have been and still are introducing sales and recycling previous season clothing for the upcoming year. Companies have used this period to restructure and streamline to ensure sales are coming in. When the dust settles, it seems that these companies will already be in a position to excel.
Having launched towards the end of November, YE STATE will continue to promote love, unity and peace in such turbulent times. We will be launching further collections in the new year with particular emphasis being on branching out with brave designs and styles.
What are your thoughts on a turbulent 2020? How will things change next year?
Leave your comments below!
The YE team