FASHION EFFECT ON CONSUMER BEHAVIOUR DURING THE COVID-19 CRISIS.
BACKGROUND
The fashion industry is one of the many businesses that has felt the direct impact of the covid-19 pandemic. Some companies have immediately stopped production of what they produce and opted to create sanitizers, masks, and even try to find jobs for its employees when need to especially after being laid off to reduce its cost (Baum, Brown, Gerstell & Peng, 2020). Retail shops, mostly those without the online shops, have already experienced a significant loss to follow government directives of the lockdown. However, the online retail shops are having a different experience as most consumers have opted to purchase their goods online. Both shops have decided to promote their wares by offering discounts, especially for seasonal goods being affected by the pandemic. Other products are not on offer or cut with the fear of the products being out-of-stock, yet it’s used all-year-round (“COVID-19: How fashion brands have modified their strategy? | Retviews”, 2020). Restriction of movement leaves most consumers shopping for indoor fashion attires, which are not much. Over the period since the beginning of the pandemic, sales have decreased over time (Baum, Brown, Gerstell & Peng, 2020).
OBJECTIVES
- To determine how the fashion industry is increasing its sales amid the covid-19 pandemic
- To ascertain the plans put forth by the fashion industry to gain its customers and interest after the pandemic
- To determine how the population is coping up with the fashion industry amid the covid-19 pandemic
ENVIRONMENT
Economic factor
The fashion industry is predicted to be affected mainly by the pandemic since it depends on the current spending rate of an individual (Bain, 2020). Many individuals losing their jobs can create a problem for the fashion industry, for it is losing its customers. Louis Vuitton has temporarily stopped its production from helping in the production of sanitizers and Persona Protective Equipment (PPEs) (“Louis Vuitton owner to start making hand sanitiser”, 2020).
METHOD
Secondary data collection will be used to get information on the research, especially from written articles by and or on Louis Vuitton. Online interviews will also be conducted to get first-hand views from participants. Participants will be categorised according to gender and age (above 18 years) hence the usage of stratified data sampling. Quantitative research design will be used to evaluate participants’ feelings.
EXPECTED FINDINGS
The research aims to gain information on how fast the fashion industry can act and adapt amid abrupt change both to the industry and its consumers. It would also like to enhance the knowledge on how the industry ensures it meets and satisfy their customers’ needs as less interaction is involved.
ORIGINALITY AND IMPLICATIONS
The research aspires to gain information on the fashion industry on how best it can deal with the impacts of covid-19 and help it come to its rightful place within a period. The research will also find the best possible effective digital method for use by the fashion industry, especially in times of crisis.
REFERENCE LIST
Baum, C., Brown, P., Gerstell, E., & Peng, A. (2020). Perspectives for North America’s fashion industry in a time of crisis. Retrieved 17 April 2020, from https://www.mckinsey.com/industries/retail/our-insights/perspectives-for-north-americas-fashion-industry-in-a-time-of-crisis
COVID-19: How fashion brands have modified their strategy? | Retviews. (2020). Retrieved 17 April 2020, from https://retviews.com/blog/industry/coronavirus/
Bain, M. (2020). How Covid-19 could change fashion and retail, according to experts. Retrieved 17 April 2020, from https://qz.com/1831203/how-covid-19-could-change-fashion-and-retail/
Louis Vuitton owner to start making hand sanitiser. (2020). Retrieved 18 April 2020, from https://www.bbc.com/news/business-51868756