COVID-19 has led to almost 80 per cent drop in demand for traditional woollen products, says Miles Barritt, Risk and Recovery Analyst, Australian Wool Innovation. The pandemic has led to a shift in wool’s primary consumer, as well as the marketing of the fibre, Barritt says. Demand for formal wear has faded with new casual wear, athlesiure wear, commuter wear and PPE rising in demand. The GDP of European markets contracted to – 8 per cent whereas the US’s GDP remained stable.

China emerged as the organization’s primary market with consumption of 80 per cent of its wool. The other four countries importing more than one per cent of Australian wool include the Czech Republic, Italy, India and South Korea. Pandemic has also lifted the popularity of online spending to new heights. Revenues of online retailers like Amazon and Alibaba increased by 38 per cent and 37 per cent in 2020/

Barritt predicts the wool market to have bright prospects in 2020. He expects the vaccination roll out programs to help companies restart businesses and consolidate their supply chains