Retail Today: Consumer Reactions to COVID-19 and its Longer-Term Implications for the Apparel Sector
Consumer behavior shifted drastically in response to the COVID economy, compounding retailers’ mounting list of woes. More than any “non-essential” retail good, COVID-19 has devastated the apparel sector since March. According to Census Bureau data, apparel store sales plunged 89% (YOY) in April and 46% in the last three months as retailers shuttered stores across the country (and in some cases, globally). Retailers must commit to swift actions to stay engaged with the consumer while remaining solvent. This recent FTI Consulting survey of 1,000 U.S. consumers reveals core trends which retailers must take into account as they plan to re-open post-pandemic.