COVID-19: THE IMPACT OF THE CORONAVIRUS PANDEMIC ON GLOBAL FASHION RETAIL

The coronavirus pandemic has had severe repercussions on the global economy with experts even touting it as the most severe economic contraction since World War II. The fashion retail industry in particular is set to witness pronounced effects of this calamity due to the discretionary nature of the industry...

- Shivam Gautom

The global textile and fashion industry is one of the worst-hit sector by the ongoing coronavirus pandemic. Since its outbreak in December 2019 in China, we have seen retailers progressively closing doors as the global spread of the virus continues to increase by the day. While most brands and retailers have been urging consumers to shop online – the response has been anything but warm. Consumers around the world have been compelled to restrict themselves in homes and amidst pressing concerns of economic uncertainty and rising financial burdens, it can be safely assumed that grocery, medicines and staples purchase will precedence over fashion. Eventually, even digital retail is reeling under the effects of the pandemic with increasingly falling consumer spending, transport issues and supply chain hurdles.

At the time of writing this article, the spread of the virus has crossed a staggering 3.1 million cases across 185 countries and has claimed 211,000 lives as of yet. The spread is accelerating across the world, despite relentless containment efforts. Although epidemics and virus outbreaks aren’t uncommon, countries around the world were not prepared for something of this scale and intensity. As such, the coronavirus pandemic has had severe repercussions on the global economy with experts even touting it as the most severe economic contraction since World War II.