According to Anush Gasparyan, Commercial Director of Fashion Consulting Group, as a result of the pandemic, the range of fall in the fashion market in Russia may range from 25% to 40%. This will largely depend on the situation in the second half of the year.
Speaking at the business session of the international business platform of the fashion industry “s'elections Moscow 2020”, which was held in Moscow from September 16 to 19, Anush Gasparyan noted that a prolonged decline in consumer activity can be expected as a result of the pandemic and economic recession. When moods such as anxiety about health, anxiety about their economic situation, uncertainty about the future and fear of losing their jobs dominate in society, the desire to spend their money on new fashionable clothes and shoes is sharply reduced. During times of instability, fashion products have the lowest priority among all non-food products.
The expert predicts a radical reduction in the turnover of the retail fashion market by the end of 2020. In the first place, traditional retail will be in a deplorable state. As a result of the pandemic, the range of market fall can range from 25% to 40%. This will largely depend on the situation in the second half of the year, because the third and fourth quarters of sales are very important for the fashion segment, when the main sales of autumn wardrobe are going on.