The apparel and footwear industry was among the worst hit by the COVID-19 pandemic. While there is a general consensus across the industry that pent-up savings and demand, as well as improved consumer confidence, will help support the recovery, the fashion industry still faces huge challenges, not least because consumers are continuing to exercise cautious spending.
COVID-19 has ushered in a change in consumer transport patterns. More people have turned away from public transport due to lockdowns and strict social distancing rules in favour of cycling and private car travel, while others have reduced demand for transport due to remote work arrangements...
The strong recovery of the global economy, combined with measures introduced to combat the COVID-19 pandemic, continue to result in supply bottlenecks and inflationary pressures during 2021. Manufacturers across the world have faced heightened input costs – the costs of materials, labour and other overheads devoted to the production of goods.
Global birth rates have been declining over the last five years. Some experts expected pandemic-related restrictions on social mobility to lead to higher birth rates. However, their predictions did not materialise in 2020, as world birth rates experienced the steepest fall since the 1970s.
Following the pandemic, economic recovery is starting in sub-Saharan Africa, with new opportunities in restructuring, diversification, and digitalised models reshaping the future of retailing, foodservice, and travel, now and into the future.
Global manufacturing output has recovered from the initial shock of the Coronarvirus (COVID-19) pandemic, although supply chain disruptions and rising prices continue to weigh on companies. Moreover, transportation problems are expected to extend well into 2022 and hinder the performance of the manufacturing sector. To better shield from similar risks in the future, manufacturing companies are investing in digital tools. Production digitisation is anticipated to make supply chains more flexible, improve productivity and expand sales networks.
The aftermath of Coronavirus (COVID-19) has been characterised by stark tensions and contradictions. These range from social empathy and a sense of community to a “me first” attitude of self-interest; from risk aversion to compulsive behaviour; from cautious spending and “less stuff” to indulgence spending and comfort clutter. These choices and behaviours vary from individual to individual, but we are seeing consumers engaging with both sides of the trend. They are risk averse in some aspects of their lives whilst throwing caution to the wind in others. Fashion sees consumer interest peak in sustainable and ethical brands, while fast-fashion remains an affordable convenience for many.
The global economic outlook for 2021 has worsened moderately since mid-2021, offset by slightly more optimistic recovery forecasts for 2022. Global real GDP is now forecast to increase by 5.7% in 2021 (a 0.2 percentage point downgrade since July 2021), and by 4.8% in 2022 (a 0.2 percentage point improvement relative to the July 2021 forecast). Since July, real GDP growth forecasts for 2021 have been significantly downgraded for the US, Canada, China, India, and other Asia Pacific economies, such as Indonesia and Australia.
Physical spaces have long faced an existential threat from the rise of e-commerce and digital platforms offering quicker, often more agile offerings for a Millennial-driven audience of digital-savvy consumers. The pandemic, however, accelerated this shift in a very short period of time. Many outlets across retail, foodservice and travel were closed as businesses went bankrupt and realised that many of the older models no longer had a future in a post-pandemic market. Consumers, meanwhile, became even more familiar with the digital offerings increasingly available.