The whole world is in awe of terror. The economy is shaking. The basic needs of human beings are not exempt from this outbreak of coronavirus. The global fashion scene is undergoing an unprecedented transition too. The fashion sector is also suffering greatly in the emergence of the situation. More than two months have passed. How is the fashion world dealing with this situation?
The annual revenue of the global fashion industry is $ 1.3 trillion. From this sector alone, the annual revenue of the United Kingdom is $ 5 billion. According to investment bank Jefferies, Chinese buyers are contributing to 80% growth of this market. The purchasing power of the elite has increased in the last decade with an increase in the number of the elite. As a result, their purchase volume was 8 percent in 2003 and it increased to 38 percent in 2019. In the last year alone, China has sold more than $ 104 billion of products. The market for international luxury (luxury) fashion products was $ 317 billion last year. Of this, 40 percent comes from the pockets of Chinese consumers.
Even during February Fashion Week in New York, London, Milan and Paris, Chinese fashion fans appear to buy products. But this picture was the exact opposite this year. They become detained without the exposure of coronavirus infection. As a result, Europe’s most valuable commodity market was no longer in full mode.
The top brands in the world now going through a tough phrase of times. According to the latest data, the sale of luxury goods decreased by at least 1 thousand 80 crore dollars in the first three months of this year. This year, sales could fall by at least 3-4 thousand crore dollars or more. As a result, the value of this sector will reduce to near 33 thousand dollars.
