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Apparel spend forecast to plummet by nearly $300bn in 2020

Christian Fernsby ▼ | May 14, 2020
Apparel is set to be the hardest hit retail sector by the coronavirus pandemic with the apparel market forecast to decline 15.2% this year (equivalent to $297bn), says GlobalData.
Bangladesh apparel
Hit   Bangladesh apparel
Honor Strachan, Principal Analyst at GlobalData, comments: “The 10 worst impacted markets, in terms of value, will represent the vast majority of this total loss with mature regions suffering the hardest – the U.S. will account for more than 40% of all lost spend, which will contribute to more major chains filing for chapter 11 over the next few months.”

Though the recovery has already started across markets released from lockdown and social-distancing measures, it is varying dramatically depending on consumer confidence, the country’s reliance on tourism, the state of economy and unemployment, and the level of “revenge buying” (sudden release of pent up demand from those willing and able to spend).


 

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