Forecasts for the UK fashion retail industry post-pandemic contain both promising and concerning news. Consumer research suggests that while there is a strong desire for new clothing, accessories, and beauty products, the actual bounce-back of the sector may be delayed until late summer.
The latest EY Future Consumer Index indicates that there is pent-up demand for spending in the fashion retail sector. However, the reopening of non-essential retailers in April may be met with caution from consumers, primarily due to concerns about vaccination rates. Many individuals are waiting for widespread vaccination coverage before feeling safe to resume normal activities such as shopping in physical stores.
EY predicts that consumer behavior will return to pre-pandemic levels in late summer, correlating with expected broader vaccination coverage. In the meantime, retailers are advised to prioritize hygiene measures and build consumer confidence in in-person shopping experiences. Despite the challenges faced by the industry, the report underscores the significance of the physical store in engaging with consumers.
On a more positive note, research by Scottish Friendly and CEBR suggests that fashion shopping may not be the top priority for consumer spending post-lockdown. As households plan to utilize their pandemic savings, travel and dining experiences are expected to take precedence. However, there is still a substantial interest in updating wardrobes and investing in beauty and personal care products.
With a surge in demand anticipated for holiday clothing and occasionwear, the fashion industry could experience a boost in sales. The postponement of weddings in 2020 has created pent-up demand for bridal attire and related products, with many couples eager to splurge on their big day once restrictions are lifted. Additionally, data from The National Wedding Show and Confetti indicates a strong desire among couples to go on honeymoons once travel restrictions ease.
For more information on the UK fashion retail industry bounce-back, you can visit Retail Gazette and Drapers Online.
