Written by,
Kati Reigeluth
The speed at which COVID-19 spread through the world was terrifying, and required sudden, drastic change in society. The novel virus created aggravating upheaval in daily routines and demanded adjustment to a new, uncharted way of life. Quarantine requirements and social distancing began almost immediately and caused an unwelcome and abrupt shift in everyone’s personal lives. COVID-19 drastically changed the way society interacts with the world, and it did not discriminate. Parents and children from all socioeconomic groups were told not only to remain at home, they were also ordered to stay indoors and limit social interaction. Offices, businesses and stores were abruptly mandated to close their doors and while many types of companies thrived from having remote employees, the fashion industry was nearly eliminated.
Extravagant Though Nonessential
Lucrative industries were financially brought to their knees at a shockingly rapid rate and unemployment became the norm across the country. Every sector of business suffered, but those that depend on opulence and spending incurred the most loss. All businesses are driven by consumerism, but none so much as industries of indulgence such as fashion, travel, entertainment and the like. The entire country had to reprioritize and for most, buying an exclusive pair of Manolo Blaniks sadly fell below the importance of buying toilet paper, and the toilet paper was probably scarcer. Even clients who can afford designer prices despite a global crisis realized that very little shopping can be accomplished when stores are closing their doors on a daily, mandated basis. Not even the American Express Black Card is a match for a state of panic of COVID-19 proportions.
Casual Comfort
Hard working Americans found themselves suddenly unemployed, which led to a decrease in spending, and new clothes are one of the first things to go when creating a new budget. Unemployed, unable to travel due to restrictions, and being required or encouraged to stay home led to an increase in loungewear popularity, Dressing casually and for comfort was the goal. Trendy designs and high-end labels became nonessential and a waste of money during the pandemic. Simplicity began to take precedence over style. Sought after, prestigious brands such as Chanel, Burberry and Yves Saint Laurent generate a lot of sales during star-studded events and exotic travel, all of which were restricted or cancelled due to the pandemic, and while exclusive brands have fierce loyalty among their clients, and the companies have been around for so long, they could practically run themselves.
Sales on Resale
The luxury market had a large fall in demand when the average customer lost their high-earning jobs but not their expensive taste. Rather than going to a Gucci boutique and paying full price, style enthusiasts can now find the same item sold for a second hand price on a platform like the RealReal. The RealReal specializes in high-end items, and it exemplifies the digital mark that fashion has made during COVID. These posh second-hand retailers, referred to as “re-sale-as-a-service” (RAAS) not only cut costs in half for designer products, they are also supplementing income. People who are now stuck and bored at home have time for overdue tasks, such as clearing out attics and storage rooms. Clothes currently sitting in a dusty attic can generate serious income on one of these sites. If you have mostly designer wear, the RealReall or Rent the Runway are the perfect sites to earn a little extra money. For those with a stylish selection with origins outside of Sak’s and Neiman’s, Poshmark is your platform. Easily post items and create a closet buyers can shop directly from and make offers. Poshmark also allows never worn items with the original tags to be sold at a higher price point in the boutique section of the platform, which attracts different clientele.
Digital Designs
E-commerce has come out of the pandemic with sophisticated innovations and will remain the principle successful method of selling and buying style. Websites have increased sales by creating virtual stores for a more authentic shopping experience and other online retailers allow shoppers to customize an avatar and “try on items” before they purchase. Online shopping includes more choice, a wider variety of sizes and the fun ability to compare coveted articles of clothing from several different stores before buying. E-commerce has allowed artisans and craftsmen to remain in business by creating an online presence and attracting clients with appropriate online content. The pandemic caused the world of high design to lose shopping cornerstone, Neiman Marcus. The hugely successful though admittedly pricy department store was forced to claim bankruptcy, which got the attention of similar luxury retailers.
Amazon Goes Lux
Amazon recently announced their plan to launch Luxury Stores, which will be a collaborative effort of the online retail giant and luxury brands looking to increase their online presence by reselling their never worn inventory. Luxury Stores will include designer Oscar de la Renta and other well-known fashion brands. Using Amazon, high-end brands will connect with an enormous buyers market, preserve their brand and focus on the creative side while marketing and trusted professionals handle various business tasks.
Sales Increase as COVID decreases
As we finally enter the brink of a post pandemic world, the fashion industry has proven resilience and innovation. Some designers, like Prada, are already reporting sales consistent with those pre-pandemic. The world is open and it’s finally time to go out, be seen and connect with friends again. The job market is improving, and after a length of frugality people are ready to splurge and not only on clothes. Exclusive resorts and fine dining establishments report a significant rise in patron ship. Life may never return to easy and laidback, but a return to normalcy can be seen in every industry.
Kati's Guide to Life, Love and Occasional Laziness