The global apparel market is estimated to decline by 15.2% this year, which equates to an eye watering $297 billion, according to analytics and data collected from GlobalData. Apparel is set to be one of the hardest hit retail segments due to the COVID-19 pandemic.
“Some brands across China for instance are seeing store sales reach back up to 80-100% of pre-COVID-19 trading levels, while apparel retailers in parts of Germany are also experiencing a better bounce back than forecast. However, players in the likes of Hong Kong, heavily reliant on tourism spending, are experiencing far tougher trading conditions, and it is too soon to assess the recovery in Italy but we expect it to be long and drawn out – the same will apply to France, the US and the UK.” – Honor Strachan, principal analyst, GlobalData.
