Detailing their predictions for the future of fashion in a post-Covid world, the Boston Consultancy Group, the Sustainable Apparel Coalition and the High Co highlight the need to keep sustainability at the forefront of the fashion narrative.
"The COVID-19 pandemic and the resulting societal and economic shutdowns required to contain it present the apparel, footwear, and textile industries with unprecedented challenges. But while this crisis strains their commitment to sustainability, it simultaneously demands that companies accelerate their progress on sustainable initiatives in order to be competitive in the market that will emerge after the pandemic."
^Fall in web traffic for online retailers
"This crisis is delivering a shock to the global economy and to the broader fashion industry: retail businesses are temporarily closed, brands are adjusting to declining customer spending, and workers in countries like India, Bangladesh, and China are furloughed because of reduced or cancelled orders. And an impending economic crisis is expected to wipe out more than 30% of the fashion industry’s business in 2020 alone."
^Rise in order cancellations for suppliers
According to a recent survey of Sustainable Apparel Coalition members, 1/3 of decision makers within fashion brands, retailers, and manufacturers felt very unprepared for the COVID-19 crisis. Concerns that were once dominant within the industry – from sustainable materials sourcing to carbon reduction to workers’ rights – have been relegated to secondary considerations while businesses scramble to manage short-term economic distress.