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Since the outbreak of the COVID-19, the global economy has fallen into recession, and the lifestyles and consumption ability of residents have undergone important changes. As the country with the largest number of confirmed cases and deaths, the economic downturn and consumption shrinkage are even more serious in the United States. In the second quarter of 2020, U.S. GDP fell by 32.9% year-on-year, the largest drop since records began in 1947. Among them, personal consumption expenditure, which accounts for about 70% of the economy, dropped by 34.6%, the worst performance since the data was recorded. The apparel retail in the United States also suffered heavy losses. In April, it recorded the largest decline of 86.5% year-on-year. Many well-known apparel retail brands such as Brooks Brothers, Ann Taylor, LOFT, J. Crew, etc. have filed for bankruptcy protection and thousands of clothing stores are closed.
The outbreak of the COVID-19 pandemic in 2020 breaks this economic law, and apparel has become the consumer product with the most dramatic decline. The main reason is that the pandemic has caused a major change in the consumption scene, which has caused a change in the consumption structure. Since the pandemic, preventive measures such as home office and school have almost completely interrupted social activities, and the dressing demand for social scenes such as offices, campuses, conferences, clubs, banquets, and friends gatherings will inevitably be greatly reduced. Relevant information shows that nearly 80% of residents in the United States choose to work from home, and changes in consumption scenarios have caused a significant decline in consumer demand for apparel and accessories.
Recently, many countries, including the United States, have begun to gradually restart their economies. However, as the global pandemic has not yet reached its peak, maintaining social distancing has become a normalized pandemic prevention measure. This shows that before the pandemic is effectively controlled and social activities basically return to normal, apparel consumption will continue to be weak. According to a survey of American consumers conducted by McKinsey in April, 67% of respondents expect that their spending on apparel will be less than in the past; an annual back-to-school survey conducted by Deloitte in early June showed that college students in the back-to-school season will reduce apparel consumption by 17%.
Antiviral fiber products have become the most important consumption highlights in the textile industry chain. From January to June, the United States imported USD 8.95 billion of masks from the world, an increase of 444.4% year-on-year, of which 87.3% came from China.
The pandemic is still ongoing, and it is not known when the lifestyle will return to pre-pandemic. According to the principle of mutual benefit of disaster economics, we can better adapt to changes in lifestyles and scenarios under the normalization of pandemic prevention and control, and develop more fiber products that meet the needs of health protection and home life scenarios, which may bring new dawn to the fashion industry in the dark.
The outbreak of the COVID-19 pandemic in 2020 breaks this economic law, and apparel has become the consumer product with the most dramatic decline. The main reason is that the pandemic has caused a major change in the consumption scene, which has caused a change in the consumption structure. Since the pandemic, preventive measures such as home office and school have almost completely interrupted social activities, and the dressing demand for social scenes such as offices, campuses, conferences, clubs, banquets, and friends gatherings will inevitably be greatly reduced. Relevant information shows that nearly 80% of residents in the United States choose to work from home, and changes in consumption scenarios have caused a significant decline in consumer demand for apparel and accessories.
Recently, many countries, including the United States, have begun to gradually restart their economies. However, as the global pandemic has not yet reached its peak, maintaining social distancing has become a normalized pandemic prevention measure. This shows that before the pandemic is effectively controlled and social activities basically return to normal, apparel consumption will continue to be weak. According to a survey of American consumers conducted by McKinsey in April, 67% of respondents expect that their spending on apparel will be less than in the past; an annual back-to-school survey conducted by Deloitte in early June showed that college students in the back-to-school season will reduce apparel consumption by 17%.
Antiviral fiber products have become the most important consumption highlights in the textile industry chain. From January to June, the United States imported USD 8.95 billion of masks from the world, an increase of 444.4% year-on-year, of which 87.3% came from China.
The pandemic is still ongoing, and it is not known when the lifestyle will return to pre-pandemic. According to the principle of mutual benefit of disaster economics, we can better adapt to changes in lifestyles and scenarios under the normalization of pandemic prevention and control, and develop more fiber products that meet the needs of health protection and home life scenarios, which may bring new dawn to the fashion industry in the dark.