According to research from GlobalData, the Asia-Pacific apparel markets are better placed to counter the impact from the Covid-19 crisis than those of North America and Europe.
Vijay Bhupathiraju, a retail analyst at GlobalData, says forecasts suggest some US$297bn will be wiped off the global apparel market this year because of the pandemic, with sales set to decline 15.2 per cent over last year.
Despite this, 42 per cent of that decline will be seen in the US, the world’s largest apparel market. Meanwhile in the Asia-Pacific region, growing domestic demand will limit the damage.
“Although the recovery has already started across the Apac markets, apparel sales will take some time to rebound amid dampened consumer confidence, the slump in tourism, the threat of an impending global recession and high unemployment rates.”