COVID Will Hit Fashion Where It Hurts
Graphic by Sadd Sadd. Image via Getty Images.
The fashion industry has plunged into survival mode and is desperately trying to come up with ways to remain viable. The current pandemic has shed light on the faults of the fashion world and made clear that the once familiar industry is no longer workable.
The discretionary nature of the fashion world makes it the easiest industry to leave in the dust and also implies that its recovery will severely lag behind the rest of the economy. Research shows that a two- to three-month lockdown will cause financial distress for 80% of European and North American fashion businesses, according to the BOF Team and McKinsey & Company in their Business of Fashion article.
The pandemic is not only impacting peoples’ ability to make ends meet, but is also forcing us to recalibrate our priorities. Items once classified as “necessary” are now regarded as luxuries as the world’s attitude toward materialism is shifting. Consumer sentiment is at an all-time low, not only because buyers are cash-strapped but because people have been forced to reevaluate the things they deem as important in their lives.
The capitalist ideology of commodity fetishism, under which we are consumed by material lust and crave the ownership of objects, is under duress. Our post-pandemic selves will not be rushing to the nearest Zara to shop their summer collection, nor will they be bikini shopping for improbable summer vacations. Since the things we took for granted in life, such as leaving our houses and seeing our grandparents, were classified as unsafe, unsurprisingly, our concerns no longer incorporate our summer wardrobe. Despite the wishful thinking of fashionistas that these attitudes are temporary, even after the dust settles, the financial turmoil stemming from the crisis will no doubt continue.
If the fashion industry wants to endure the pandemic, it will have to reposition itself so that it falls back into favor with its buyers. One option is for it to continue in the same way it always has: by exponentially increasing advertising, finding ways to convince us that we need unnecessary things and that our lives are always “missing something.”
However, this time, it’s not that simple. The industry’s key to survival is to bring values around sustainability into sharp focus, intensifying discussions and further demarcating views around materialism, self-indulgence and sloppy business practices. By reorienting their business models to become more sustainable and environmentally friendly, brands will become more equipped to accommodate the post-pandemic world.
This might include a plan to repurpose existing stock, upcycle used fibers or prevent the production of excess inventory. Whatever it may be, the environmentally and morally conscious population of 2020 is demanding more from the fashion industry. Gen Z and Millenials’ heightened sense of care for the environment will subsequently correspond with their shopping habits where they are more likely to engage in conscious consumerism by reassessing their geographical footprints.
The fashion industry must home in on the reality that post-pandemic buyers will want to both act and feel more responsible in their purchases. Hence, the industry’s survival revolves around a need to gain sustainability credentials. A rapid return of consumer confidence is especially important in gaining back the respect of consumers and restoring the commodity chain.
If the industry wants to survive the pandemic it needs to establish an environmental and social conscience and collaborate with its consumers to create a shared set of standards. As Dana Thomas said in her book “Fashionopolis,” “We have all been casual about our clothes. It’s time to get dressed with intention.”
Image via Penguin Press