With key shopping destinations opening up again, vaccination programmes being rolled out further and life returning to normalcy, the luxury and fashion industry is poised for a strong rebound post the COVID-19 pandemic, predicts the latest report by Euromonitor International. Pent-up demand and domestic consumption are going to fuel this growth, it adds.
Luxury goods and fashion were amongst the hardest hit consumer markets by the global pandemic. With international shopping destinations, the major driver for luxury goods, recording poor tourism flows in both 2020 and 2021, the total global tourist spending on personal luxury goods fell by 54% in 2020, and is still down by 50% of pre-pandemic levels. The top 10 source markets saw sharp contractions is sales that fell from anywhere between 12% and 88%. And while COVID-19 continues to threaten both fashion and luxury goods market as global travel remains down by 72% and there are new risks on the horizon, luxury goods, apparel and footwear are expected to see a sharper rebound in sales than the wider fashion industry.
What is accelerating consumer shift?
1. Digitalisation: The COVID-19 pandemic has accelerated working from home and encouraged more people to move away from large cities in favour of suburban areas. The digital transformation has changed the rule book and the rise in e-commerce and new lifestyle habits is challenging long-held ideas. Such changes in consumer behaviour will shape future retail strategies. Luxury and fashion retailers must rethink their distribution strategies and explore new business models, the report states.
Digitalisation is also completely changing the nature of the traditional supply chain model across retail. Increased digitalisation and investment in products, manufacturing and retail operations are set to rise. The report highlights that this can not only help strengthen and personalise customer engagement but also speed up production and lower overall costs.
Continue reading your story on the app
Continue reading your story in the magazine
'Inflation Is Going To Eat The Pie'
With the advance of the internet and globalisation, it has become easier for consumers to buy products online and receive them at their doorstep. This has led to a significant increase in demand for fashion products, which has increased the cost of production. To keep up with this increasing cost of production, many brands have been forced to raise prices in order to maintain profit margins.
How To Change With The Changing Retail Landscape
'The massive changes that 2020 brought to the retail industry are here to stay. And now that parts of the world are opening up, and consumers are craving opportunities to shop in person, they expect the buying experience to be consistent both online and off,' states the latest report by Shopify titled 'The Future of Retail'. The report not only identifies trends that will shape the retail commerce business, but also provides recommendations that can help brands find the perfect balance between offline and online commerce.
NO BARRIER TOO BIG
The world of fashion is meaningless without women. Be it the business of fashion or fashion itself, the sector would have been dreary and nondescript had it not been for the many female entrepreneurs, artists, models, decision-makers and professionals who comprise it. In this article, women in the business of fashion share their stories of diligence, perseverance and some uncalled for challenges that they took in their stride to reach where they stand today leading brands and breaking barriers!
BUDGET 2022-23 AN ENABLER FOR INDUSTRY
On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2022-23, a Budget that claimed to focus on growth while promoting technologyenabled development. Here's how some prominent retailers and brands from across the fashion industry reacted to the announcements made during the presentation.
CIRCULAR TEXTILES: AN URGENT CALL FOR SHIFT
The fashion industry is one of the key consumers of natural resources such as water and energy. This widespread consumption due to fast fashion has devastating impacts on people and the planet. It is now more urgent than ever to shift from a linear - take, make, use, dispose - model to a circular model or circular economy where waste and pollution are designed out, products and materials are kept in use longer, and natural systems can regenerate. Mukul Agrawal, Chief Sustainability Officer, Birla Cellulose, shares his view on circular textiles and how brand Liva Reviva incorporates them in their products.
WOMEN'S WEAR ON A MASSIVE SURGE
A recent report estimates the Indian women's wear market to be over 1.2 billion people. This massive opportunity for women's wear brands in India is further fuelled by the growing disposable income of women in the country, increased accessibility to fashionable Western wear that's influenced by international trends, as well as the growing urge among women across age brackets and sizes to dress well. Through this article, some existing and new-age brands in the segment help us understand the opportunity better.
IFF 2022: SHARP. PROGRESSIVE. ICONIC.
The Indian fashion industry's much-awaited annual event - India Fashion Forum (IFF) - is all set to be hosted from March 23-24 at The Leela Ambience, Gurugram. Chaired by Akhilesh Prasad, President & CEO, Fashion & Lifestyle Business, Reliance Retail, the 21st edition of IFF will underline 'Purpose, Innovation, Experience and Engagement' as the tenets of future-proof, profitable fashion retail.
How To Not Let The Customer Down
‘The challenges CX leaders will face in 2022 are unlike what they’ve ever faced before – the goal is still to attract and retain customers, standing proud above your competitors – but the landscape has changed. So have the solutions,’ states the ‘2022 Global Consumer Trends’ report by Qualtrics XM. It highlights key areas companies can focus on in 2022 to have the biggest impact on their consumers and business, and get ahead of the pack.
The Future Of Retail: 10 Trends
As the world enters another year of the pandemic that has re-shaped the way we spend and consume, Wunderman Thompson Intelligence, through its report titled ‘The Future 100: 2022’, brings to the fore 10 trends that will set the stage for retail and e-commerce this year and for years to come.
Launched in 1995 in Andhra Pradesh with its first collection of coloured cotton trousers, today, Twills has evolved into a one-stop solution that offers international styles in comfortable fabrics. In 2008, the brand had another feat to its credit – a 5,000 sqft exclusive store at MG Road, Vijayawada, and hasn’t looked back since.
HOW POLITICS POISONED THE CHURCH
THE EVANGELICAL MOVEMENT SPENT 40 YEARS AT WAR WITH SECULAR AMERICA. NOW IT'S AT WAR WITH ITSELF.
Desire for Face Time Revives Business Travel
Companies are reporting more trips, proving doomsayers from the pandemic's darkest days wrong
A dairy farming father's love for his family lives on in the tools that he left behind.
AIRBNB Allows Employees to Live and Work From Anywhere
Airbnb will allow its employees to live and work almost anywhere around the world, fully embracing a remote work policy to attract staff and ensure flexibility.
An Overview of Namibia's Agri Sector
In a recent report, the Namibia Agricultural Union outlined the state of that country’s agriculture sector, and how it has been affected by COVID-19 and other factors.
Left Behind By Long Covid
As the world pretends the pandemic is over, at least half a million children in the U.S. are struggling
Shanghai's Black Eye
Expats are ditching the city, jeopardizing efforts to turn it into a top financial hub in Asia
Critics call on Chinese government to ease lockdown regulations
a GOOD READ
James Read is a far cry from his villainous alter ego on DAYS.
VOICES AS TOLD TO LIFE'S Work
Better Things creator and star PAMELA ADLON on how the show gave her an OPPORTUNITY to REINVENT some things about the way HOLLYWOOD operates-both on-screen and off