A forecast by management consulting company Wazir Advisors, which focuses specifically on the apparel sector, predicts a decline in apparel consumption in 2020 of 45 percent in the EU and 40 percent in the US, which could lead to a reduction by $300 billion

Wazir Advisors’ states EU and the US Apparel consumption’ states will reduce by $300 bn. Covid-19 will impact European and the US apparel market with the current lockdown likely to continue until mid-July because new cases are expected to peak by late April/mid-May. This would imply a total three to four months closure for almost all the brick-and-mortar fashion stores across the US and Europe.

Even if online retail remains the only way to buy clothes for a few months, apparel purchasing will be delayed. The report gives various reasons for this: On the one hand, consumers are currently primarily buying groceries, medicines and other staples. There is no urgency to replenish clothes, especially because the options to go out are limited with schools, offices, restaurants, gyms, etc. still being closed). On the other hand, consumers have limited product options and potentially long delivery times.