Most European countries and the US are under lockdown since mid-March due to Covid-19 pandemic.
Based on projection that lockdown may last till mid-July, total apparel consumption in EU and US is likely to reduce by 0 billion, according to latest report by Wazir Advisors.
2020 apparel consumption will reduce by 45 per cent in EU and 40 per cent in US.
The peak of new COVID-19 cases is expected between end-April to mid-May, based on which lockdown is expected to last till mid-July, as per Epidemic Projection by BCG, made on March 26, 2020.
This implies total 3 to 4 months closure for almost all the brick-and-mortar fashion stores across US and Europe.
During the lockdown, online stores remain the only option to buy apparel, but consumers are primarily focusing on grocery, medicines and staples purchase.
Apparel purchasing will largely be delayed as there is no urgency to replenish, uncertain economic scenario, reduction in occasions to go out (schools, offices, restaurants, gyms, etc are all closed), and limited product options and late and expensive deliveries (online stores), says the report ‘Impact of COVID-19 Scenario on European and the US Apparel Market The Big Fall: EU and the US Apparel Consumption to Reduce by US$ 300 bn
