Have had to have been said in a new report that face the worst year on record for the fashion industry, has decreased by almost three-quarters of the companies money because of the highbrow -19.
“Corona worldwide epidemic sent as a surprise, lost the industry … a change in consumer behavior, supply chain was affected at the end of the year, with many areas vulnerable to a second wave of infection “State of the Fashion” report by McKinsey, the fashion media company of the states business and management consulting firm. It forecasts a staggering 90% economic profit decline across the industry in 2020.
The report issued predictions of recovery in two stages next year. The first being more positive about sales declining by between 0% and 5% in 2021 compared to 2019, but the industry would return to 2019 levels of activity by the third quarter of 2022. The second sees sales growth decline by 10 to 15% over the coming year compared with 2019. “”In this case, the virus widespread prevention measures will come despite havoc Brpaaga back to the fourth quarter level of 2019 only in fashion sales in 2023”, it says., it says. However, the report is expected to continue the event of tough market and trading until next year, but it says “will accelerate trends already epidemic” the crisis, as shopping shifts to digital and consumers continue to champion fairness and social justice.” For any fashion business trying to make it big in the coming years. Overview important to establish a business model that will be sustainable in the unstable circumstances that face us. #BlackLivesMatter like social-involvement in political movements of sections of epidemics, stand and see the world change the appropriate values.
The report also highlighted the changes in consumer behavior and how they will affect the demand of the market and market conditions. The emphasis on maintaining digital presence: “However, as digital consumption continues to dominate and development in 2021, companies will have to develop more engaging and social experience to add encourage consumers: there is an emphasis on maintaining digital presence is.
At the same time, we focus on linking executive teams hope to rapidly ensure that digital channels bottom line to the measurable value, given tight budgets and need for productivity and efficiency.” “Looking forward, the industry should set its sights higher, aiming for a “better normal” across stores, partnerships and assortments.” These set the tone for how the report aims to help business leaders in the industry, with more in-depth views on how companies can hope for a brighter future to develop novel strategies and perspectives to old, conventional ones.