Global Impact on Fashion Industry

1-Econimic Factors:
This pandemic has struck hard on the fashion industry. Many changes have been observed, some
of the leading retail brands like jc penny and forever 21 had to shut down due to severe loses
reason to which being laying off many employees leaving them with less disposable income
hence less spending power. Fashion which has always been thought of as a luxury is now making
people to spend less over their clothes and more on necessities.
This pandemic has also collapsed the supply chain for retail brands, making it difficult for them
to import products from countries like China and Europe due to look down. Brands will have to
rethink their supply chain all over again in order to survive.
2- social, cultural and demographic factors:
Over the pandemic there’s been a lot of talk about demographic changes in the world, some of
them being high divorce rate, high fertility rate and high deaths. To cope with reduction of
population governments have come up with various solutions such as smart lock down. The
world is changing swiftly and if the fashion industry copes with it only then it will survive.
People are shifting back towards sustainable fashion; they now want quality products which will
last longer. This pandemic has drastically changed the minds of masses maybe due to money
issues.
3- technological factors:
Even before pandemic, there was trend of online shopping but there has been a huge rise after it.
Brands who had adapted this very successful, this year even fashion shows were held online.
There is a great chance that brick and motor system will fade away as it can be observed that
most brands are shutting down their stores to operating reduce costs.

Competitive forces:
Fashion has always been a competitive industry and now due to pandemic there’s even more
competition. Brands to survive are trying to come up with innovate ways to market themselves
some of them being selling products at low prices or reducing shipping cost. Some brands even
adapted and came out the innovative face masks.

Government and Legal Factors

Government over the world tried to help its people through various means, some of them being
paying people some amount to get basic necessities to work and survive. Some lowered their
taxes all in hopes to help the people.