GlobalData, a UK-based leading data and analytics company, has claimed in its latest report that due to COVID-19, apparel as a product category continues to be the worst hit in retail.
The report has anticipated that pandemic will wipe off US $ 395.6 billion from apparel and footwear sales in 2020 across the globe. If it happens, it will be 19.5 per cent decline on 2019.
The loss of above-mentioned product categories is highly significant as it is equivalent to 29.1 per cent of the US $ 1,361.7 billion of total sales lost by the overall retail industry in 2020.
Already store closures and virus-wary consumers have severely dented the seasonal spending, and moving further increasing unemployment and threat of a global recession will make worse the apparel demand.
Talking about the changed buying attitudes of customers, the report says that majority of customers says that trust is an important factor when purchasing products. Besides, risk-free products and familiarity with all conditions are also factors influencing their choices of products or services.