The Future of Apparel Industry in India Post Covid
The Covid- 19 pandemic has dominated thoughts and minds of many executives in the Apparel industry. With the shift of the paradigm of supply and demand off the market, leading players in the industry have started their planning for the year 2021. The industry is working towards a new normal. They are planning their production and supply according to the unique needs of the people.
After a year-long pandemic and record low profits in the apparel industry, the frontiers of global fashion are putting their best foot in the market to offer new clothing trends for the customers. With the disturbance in the recent apparel industry, companies are now finally connecting to their supply chain. They also make decisions about their ROI, production cycle and new demands of the clothing line of customers.
With the continuing havoc of the pandemic in 2021, there is new demand in the apparel industry for stylish and home lounge wear. However, experts in the industry indicate that there will be a slow rise in the market, and online retail will gradually increase. According to the experts in the industry, the apparel industry will evolve further in 2021. Here are the analyses by the experts.
The apparel industry will evolve in 2021 with the following factors-
Fashion Retail will have a Digital Future
The digital future apparel industry was already in the boom when the Covid pandemic started. There is a 30% increase in the retail sector regarding category shopping, while 50% of geographical buyers lean towards online shopping websites. However, without the recovery of the physical stores, the profits of the apparel industry will not be able to correct losses of 2020 and 2021.
Physical stores for buying exploration
Before the covid scenes, the buyer experience and browsing through the stores were the norms of the apparel industry. Shoppers loved the idea of shopping and wanted new clothes. But with the Covid effect, many buyers don't want clothes. Although, as per the industry expert McKinsey's Achim Berg, if the physical stores are open and curated with new trends, shoppers will return. Many flagship stores are opening and trying to make a difference in the physical retail business.
Pandemic has created awareness among people to work for each other. This has increased the consciousness for sustainability. Now people want to shop with companies having a mission and vision for the betterment of society. Using these ethical aspects, many shoppers are looking to shop with socially accepting brands of their responsibility.
Change in Demand and Style
With the months of lockdown and working from home, the need for the style of clothes has changed significantly. Now shoppers are looking forward to more leisurewear and loungewear clothing. Their preferences have changed in the pandemic, which has compelled designers to create aesthetic leisurewear for fashion lovers. Along with loungewear, an increase in demand has been noticed in the athleisure segment. In fact, some of the brands are launching exclusive sections of fashion devoted to these styles.
Futuristic diminishing value
Pandemic has taught a lesson to the mass that life is predictable. With the recent lifestyle changes, people are being futuristic and thinking more about sustainability. For the "less is more". Last fall's digital fashion week showcased fashion with the touch of the vintage look and simple, sustainable clothes.
Aiming for locals
The apparel industry is seeing a surge in need for local business and shopping. The customers rely more on local producers for fashion, as they feel comfortable with the design and price tags. Most of the customers are breaking away from the norms of famous designers; they want to explore different sections of the market for fashion and beauty.
Anticipation to Consumer Behavior
The covid-2019 pandemic has increased the awareness among the people about savings and survival. Honestly, many premium designers and fashion labels are finding it difficult to sell their high-end fashionable clothes in the market.
They are looking for ways to survive in the market with simple and aesthetic wear. The business houses have learnt the way of connecting with the customers is to empathise with them. Sales pitching is no more a marketing strategy. The companies should offer comfort to the buyers at pocket-friendly prices.
For industry, it is difficult to predict consumer behaviour in the fashion segment. Even when the country is overcoming unlocks and effects of the pandemic, the brands have chosen to stick with leisurewear for the current year's trend.
However, it is too early to visualise the future of the fashion industry in 2021. The apparel industry will have to set back its time machine to the past and start with great effort to make decent earnings this year. Looking at the sections of the apparel industry, it isn't easy to make assumptions about the designers and bridal designers. On this note, the Confederation of Indian Textile Industry (CITI) has estimated that the fashion industry has employed over 105 million people over time and contributed $40 billion of revenue in forex excluding GST and other taxes.
Strategically, the year 2021 is the ray of hope for the apparel industry. The post-Covid situation is showing positive signs. If things go well, everyday life will be back on track. With the opening of the tourism and entertainment industry, people will be motivated to buy new clothes. However, in the last fifteen months, people feel that there is less or no motivation to dress up. Opportunities for new supply channels, segments and markets, the critical frontiers of the apparel industry are looking forward to better sales than 2020. There is a need for the evolved fashion trends, double the strategy and align with the new fashion for a better future apparel industry post-Covid 19. The customer landscape is likely to increase sales and will show better demands in the fashion industry. However, the growth will take time and need a concrete strategy to survive the pandemic blues.