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Fashion’s Big Reset

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Fashion’s Big Reset

Boston Consulting Group,

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COVID-19 has been hard on a lot of industries, but do you know which one lost $640 billion in sales?

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8

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How many items of clothing did you buy during the COVID-19 shutdown? With an estimated $640 billion in lost sales, and shifts in customer behavior wrought by the pandemic, the fashion industry will not – and should not – return to business as usual. Some would say that’s a good thing. Upheaval might lead to more sustainable, environmentally friendly, socially responsible enterprises. But to really right the boat, the fashion industry must implement even broader changes. In this report, the Boston Consulting Group outlines an actionable plan for the ailing fashion industry.

Summary

Economic uncertainty means consumers will spend less and demand more.

Many people are expecting a post-COVID-19 recession. This concern makes shoppers more hesitant to spend, and when they do, they demand more value per dollar. Value will take the form of less expensive, better quality clothing, but also socially and environmentally beneficial practices.

Consumers are paying more attention to how companies handle social and environmental issues than ever before. Moving forward, brands will have to pursue more sustainable behaviors, and communicate their progress toward that goal to consumers.

COVID-19 will result in fewer bricks-and-mortar stores, and the ones that remain open will ...

About the Authors

Filippo Bianchi, Pierre Dupreelle, Felix Krueger, Javier Seara, Drake Watten, and Sarah Willersdorf are professionals with the Boston Consulting Group: a global management consulting firm.

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