Answer to Question #250825 in Economics for Nqubeko

Question

what is the the overview of the apparel retail industry

Answer 1

Recent years can be called quite difficult for the fashion industry. Despite the growing sales over the past couple of years, the market has not gained the same volume. About 60 well-known brands and companies waved their pen to the Russian market, which is 1.5 times more than in the crisis year of 2008. It is unlikely that the farewell words about the reorganization of the business reflect the true state of affairs, but rather the reason for the decline in consumer demand. As for domestic retailers, some could not stand the changes in the economy and simply closed down.

As a result of the economic crisis, clear purchasing trends have been established:

Spontaneous purchases have reached their lowest level. People approach shopping thoughtfully, not allowing themselves to spend too much and buy a product just because it caught the eye and looks pretty.

Digitalization. Shoppers have become time-conscious, using online shopping instead of traveling to shopping malls. While at home or at work, you can filter brands, collections, and find the thing that suits all parameters.

Search for benefits. The times of buying without regard to price are in the past. When planning shopping, people look for those retailers that offer the most favorable terms. These can be discounts, participation in bonus or discount loyalty programs, special offers.