Slowing Fast Fashion? COVID-19’s Impacts on the Fast Fashion Industry.
The coronavirus pandemic is causing far-reaching effects on businesses globally, and the fashion industry is no exception. The impact of COVID-19 on the fashion industry has seen effects across areas from production to consumption. With the growth of online retailers, and an overall decrease in non-essential spending, could this mark the end of fast fashion and pave the way towards a more sustainable future for fashion? Online is the new high street. The closure of physical stores had its greatest effect on Primark, whose lack of online presence saw its revenue drop by 75% between 1 March and 20 June. For many retailers, online purchases grew to reflect the ‘stay at home’ guidelines produced by the government. Online purchases saw a growth from 30% to 77% over a 12 week period leading to 10th August 2020. However, spending on fashion as a whole has seen a decline, as it becomes less of a priority. The fashion industry in the UK saw a massive sales decline of 40% in the 12 weeks le