The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2020
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Apparel and footwear was among the industries hardest hit by the Coronavirus (COVID-19) pandemic. Retail sales were damaged by temporary store closures and weakened consumer spending. The pandemic also accelerated a channel shift to e-commerce in the industry. This report provides a top-line overview of market performance and prospects, including the impact of COVID-19, and outlines key trends within the global apparel and footwear business landscape.
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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.
The pandemic has generated further momentum for the already rapidly growing e-commerce channel. New digital retail strategies, such as curbside pick-up and order delivery, as well as virtual shopping appointments and livestream shopping, will be significant as the online channel expands in the industry.
Consumers are prioritising brands that hold sustainability as a purpose. From changing their supply chain to launching upcycled garments, companies are stepping up their eco-friendly commitments. Also, they are increasingly taking a stand on social issues to show their support and to connect with consumers on a personal and emotional level.
Consumers have shifted to adopting healthy lifestyles, and this trend is continuing during the pandemic. While consumers are finding ways to stay active inside their home, companies are offering virtual classes to support their at-home experience and continue interacting with them.
The widespread global recession and rising unemployment rates will make price and value for money much more important for consumers. Unbranded products and private label could benefit from offering basic items at low prices amid the severe economic environment.
Since the pandemic began, manufacturing supply chains and retail operations have been under unprecedented pressure, due to tightening travel restrictions, factory shutdowns and retail store closures. Companies will need to reassess their existing supply chains to rebuild with resilience.
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.