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Learn moreFeb 2021
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The apparel and footwear market in Singapore is expected to be one of the hardest hit in retail sales terms, among other consumer segments, in 2020. The onset of the pandemic brought pressure to manufacturing supply chains and retail operations, due to reduction in consumer discretionary spending and demand brought upon by lockdowns and social distancing measures resulting in the emergence of new lifestyle factors.
After the initial emergence of COVID-19, the Singapore Government raised the country’s risk assessment level of the Disease Outbreak Response System Condition (DORSCON) from yellow to orange alert levels in early February 2020. Shortly after this, the government announced a 2-month long nationwide Circuit Breaker (lockdown) lasting from the beginning of April to the start of June.
The competitive landscape in 2020 saw Uniqlo Singapore Pte Ltd lead the entire apparel and footwear category. The company is expected to weather the impact of the pandemic better than the rest mainly due to its price positioning and product portfolio - its products have relatively affordable price points, while its product offerings are centred around comfort as the main positioning.
The impact of declining store traffic due to store closures during the lockdown and limitations to offline retail have resulted in several well-known international fashion brands, such as Topshop and Esprit, exiting the Singapore market. As such, several store-based fashion retailers have shifted towards e-commerce, with online channels serving as an alternative source of revenue and lifeline.
Moving forward, fashion players have to be prepared for a “new normal”, by anticipating new lifestyle factors or developments that might emerge following the COVID-19 pandemic. While the recovery trajectory for the category might not look as buoyant or optimistic as compared to other consumer categories, players in the industry can make use of the pandemic as a catalyst for change.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Apparel and Footwear industry in Singapore with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Apparel and Footwear industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
The Apparel and Footwear in Singapore market research report includes:
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Why buy this report?
This industry report originates from Passport, our Clothing and Footwear market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.