In its latest COVID-19 Tracker Study, GlobalData forecasts that COVID-19 will wipe $395.6 billion from global clothing and footwear sales in 2020, a 19.5 per cent decline on 2019. The segment's loss of sales is highly significant as it is equivalent to 29.1 per cent of the $1.36trillion of total sales lost by the overall retail industry in 2020.
Similarly, the forecast for Asia-Pacific (APAC) are $95.4billion lower than those prior to the pandemic, responsible for 16.3% of the overall retail sales lost in the region in 2020.
Meanwhile, GlobalData says the crisis has changed the purchasing attitudes of consumers. Most declare that trust is an important factor when purchasing products, with 60 per cent stating that trustworthiness, risk-free and familiarity are factors influencing their choices of products/services.
The study covered 5,500 respondents across Australia, Brazil, China, Germany, India, Italy, South Africa, Sweden, the UK, the US and the UAE.