Designer apparel and footwear (ready-to-wear) will see a slight slowdown in current value sales in 2020 in response to the pandemic. Although Taiwan has been less negatively impacted compared to other countries, some consumers have still seen their disposable incomes reduced and have therefore been prioritising more essential products.
Despite the pandemic, top-tier brands such as Hermès and Chanel have continued to record strong growth in 2020. The main reason for this is because designer apparel and footwear (ready-to-wear) in Taiwan is relatively stable and has therefore not been severely impacted by the COVID-19 crisis.
A growing number of designer apparel and footwear (ready-to-wear) players are targeting millennial consumers, who are becoming more influential consumers and are increasingly attracted to trendy designer brands due to the growing influence from social media. Some players have also been focusing on celebrity endorsements in order to promote their brands.
After being slightly impacted by the pandemic, designer apparel and footwear (ready-to-wear) is expected to recover from as soon as 2021. As consumers return to their pre pandemic social lives, they will be more inclined to splash out on new items.
Over the forecast period, unit prices of designer apparel and footwear (ready-to-wear) are expected to increase due to a number of reasons. Firstly, many factories have had to close down or operate with less staff due to outbreaks of the virus which has led to production halts.
Mid-tier luxury brands are anticipated to gradually lose value shares over the forecast period. In contrast, top-tier players will continue to gain shares and overall perform well.
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This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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