The several months of lockdown due to the global pandemic of COVID-19 in 2020 led to a major shift in consumer behaviour. Restrictions to prevent further spread of the virus included social distancing, store closures, travel bans and in some countries even a ban on all non-essential services. This left fashion brands in complete dismay.
As brands grappled with the sudden change in the reality of retail, customers also began shopping differently. While there was a drop in sales across categories in almost all regions, there were also some prominent patterns that emerged from this new lifestyle. It was important for brands to adapt promptly to this volatile period, so as to attain maximum possible sales and cut down losses.
As the shift in mindset led to newer demands from customers, brands that paid heed to these changes and swiftly took on the challenge to meet these expectations, made the most of the situation by staying relevant. Newer demands also made for opportunities for brands to interact with their customers in an age when customers expect more than just good products from them.
It is now important more than ever before, for brands to showcase values that their customers relate to. Sustainability, ethics, care for employees, wellness and digitization are some of the key trends of these months.
The period was tough, and according to several experts it is deemed to have long term effects on the economy, consumer mindset and buying behaviour. This report looks at the most important market trends that emerged in the post-pandemic period.
- A Global Shift To Price-concern Mindset
- Ethics-driven Brand
- Health And Comfort
- Key Takeaways
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