During this difficult time, the fashion industry is probably not a top concern for many Americans.
However, the fashion industry contributes $368 billion in retail spending to our national economy. Globally, the industry is projected to contribute $1.9 trillion this year alone.
It’s important to remember that the fashion industry provides us with more than just stylish clothes; it creates jobs and business in many diverse fields, including science, technology, finance and law.
The fashion industry, which is always in flux, has been hit hard by the COVID-19 pandemic. Instead of relying on foot traffic through brick-and-mortar stores, the industry must rely on consumers at home to keep up with modern trends and evolving tastes. The fashion industry has been adapting to meet the needs and desires of pandemic consumers.
Larissa Jensen, the vice president and chief beauty analyst for The NPD Group, said the first thing Americans shied away from at the start of the pandemic was cosmetics. Instead, they switched their focus to skin care. Women were wearing less makeup in part because they weren’t venturing into offices and restaurants, and also because they didn’t want makeup smudges all over their face coverings.