Coronavirus (COVID-19) Impact on Global Apparel Industry – Sector Impact Analysis

Summary

This report provides an overview on the impact of Covid-19 on Global Apparel Market, key retailers and shopping behaviours which include year-on-year growth of the apparel market globally, top ten apprel markets and top 10 worst hit markets globally etc..

GlobalData forecasts that COVID-19 will wipe US$297bn from the global apparel market in 2020 – a 15.2% decline on 2019. The 10 worst impacted markets, in terms of value, will represent 85.0% of this total loss, with mature markets suffering the hardest – the US will account for 42% of all lost spend, which will contribute to yet more major retail chains filing for Chapter 11.

Scope

– Brands can gain consumer trust by engaging with them and adopting safety measures
– Consumers are increasingly receptive to how the world is changing around them
– Consumers exhibit extreme concerns over the global economic situation
– Preferences for credit card payments have gradually increased throughout the past 10 weeks
– Appeal of contactless convenient payments suggest e-commerce will continue to become entrenched consumer behavior
– Apparel retailers must leverage technology to offer store like shopping experience on websites to encourage customers to shop online

Reasons to Buy

– Gain a comprehensive view of the Apparel market and forecasts to 2024
– Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of Covid-19 on the apparel market
– Investigate current and forecast trends in Apparel to identify the opportunities offering the most potential
– Understand who the main competitors are in the market and their price positioning