- The naked truth about apparel’s future. The segment was in free fall even before the pandemic. But a bleak 2020 could give way to new opportunities. Well before the disease outbreak, apparel sales growth was ebbing, workplace and special occasion dress was more casual, and the embattled middle class had to be picky about what they spent their money on.
- All that, plus other political and economic forces led McKinsey, in a report released with Business of Fashion last year, to warn apparel retailers that their 2020 sales would “slow further,” due to “consumers being increasingly cautious amid broader macroeconomic uncertainty, political upheaval across the globe and the continued threat of trade wars.”
- The pandemic also exacerbated some of those underlying trends already sapping apparel retail. Dressing down at the office? If only. Not only are most people still working from home, but, according to the Kung Group, many will continue indefinitely, with 70% of company founders open to letting some or all workers remain remote, 66% reconsidering their office investment and 76% finding that productivity has been level or improved.
See full story here.