The Impact of Coronovirus on the Fashion Industry

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  1. Interesting read...even read the part on watches to my husband. He misses picking out a watch each day to coordinate with his outfit as much as I miss carrying my bags. Obviously minuscule things in the vast seriousness of this pandemic but I find comfort in the little things that I used to take for granted.
     
  2. Thanks for sharing story. Also luxury retailers like NM has been suffering financially before CV19. I think most people will pull back on buying luxury.
     
  3. lovieluvslux and hermes_lemming like this.
  4. Furlough.. different from layoff. Furlough favors the employer and IMHO a very inhumane practice. Fortunately they can file for unemployment if they dont work. This pandemic has destroyed a number of industries, the least being retail.

    3mil have filed for unemployment. And the news just announced this morning that they expect 50mil to be unemployed. That's 20% of the US population.
     
    Grande Latte, limom, katev and 2 others like this.
  5. Sadly, that's gone up to 6.6m. I can't imagine 50mil unemployment... and I don't want to.
     
  6. With this surge of unemployment, it no longer feels right to wear my expensive purses and I no longer have any desire to buy anything fashion related. In the past it was "showy" to do it, but now it almost feels immoral to "flaunt one's wealth/nice belongings" (not why I do it, but surely how many will see it) when so many people have lost their livelihood and will continue to struggle for the foreseeable future.

    This doesn't surprise me in the slightest and I'm not sure if this mentality is my new way of thinking, or just a phase that'll pass when/if this pandemic does. Seems just like yesterday that everything felt right in the world.
     
  7. It's not just luxury. I am really analyzing everything that I'm spending $$$, especially material obsessions, family/loved ones - including pets. I had a very sick dog that I spent enough money for a high end LV bag. I had to remind myself I have spent thousands on handbags/shoes.

    I was down to 2 luxury purchases per year. Now I will have to wait much longer on spending money on luxury and buying that extra pair of jeans, high-end cosmetics, expensive perfume etc.. I already have that stuff. I do not need more.

    Now its more important to take care of our health, spirit, exercise and make wise financial decisions.
     
  8. Sergio Rossi passed away from COVID-19. It is cutting a swath through humanity no matter the country, gender, age, health or wealth.:shocked:
     
    limom likes this.
  9. So true. It's funny how some people think the COVID19 doesn't affect them. Perhaps they don't lose their jobs, or they are financially affluent at the moment. But this is a global crisis similar to a world war. EVERYONE is affected- physical health, mental health, and financial landscape. You can be the 1%, but if everyone else around you isn't making ends meet, or have lost loved ones, it's pretty hard to stay upbeat and live in a bubble and pretend you don't see.

    The world as we know it is FOREVER changed.
     
  10. #11 Apr 6, 2020
    Last edited: Apr 6, 2020
    Interesting. Well, COVID-19 revolutionized almost everything in our lives. And it is scary to think that since it is out there, it is just a matter of time that it might mutate into something else and be two times as bad and fatal as it is now! I know this is PF and I still admire nice things and designer items. But this situation made me more aware that one scenario like this may make all those material things lose its meaning and value just like that. The truth of the matter is that with this pandemic and the financial strain that it brings to a lot of people, it gives one the sad reality that even when bought with a lot of money..if you are in crisis, one cannot really sell it for profit or eat a nice purse when she is hungry, nor drink a nice belt when she is thirsty. One can also not use a nice scarf in lieu of a PAPR respirator, nor be cured by wearing a nice watch. So maybe in the future, owning a custom-made ventilator and developing a good relationship with your medical supply SA so you can get first dibs will be the new "in" thing or status symbol.....or should I say "survival status symbol".....or perhaps owning a bunker that can shield you from the pandemic will be the "in" thing.....instead of owning a penthouse in some big city that never sleeps!? I also have a friend who is in the healthcare field. She said that her goal now is to be a minimalist and not buy a lot of material things that she likes..so that if something like this happens again (hope not!), she is more prepared financially. Also, she won't be under her boss's mercy during a pandemic! Like doing something not safe for fear of losing her job and being unable to pay her bills.
     
    nycmamaofone and ccbaggirl89 like this.
  11. Interesting that only 9% of luxury sales are online. I wondered if Chanel would start selling bags online. That seems doubtful, so only make-up and sunglasses will sustain the business until stores re-open?
     
    mrs.JC likes this.
  12. People right now are not really thinking of buying luxury items as it is not an ESSENTIAL ITEM.
     
    mrs.JC likes this.
  13. The economy is fuelled by sales, so if people are not purchasing, how does that help the economy or keep people in jobs?
     
    Mrs.Z likes this.