Numerous people are concerned about the Novel Coronavirus, also known as COVID-19, and it has become a hot topic of conversation. Many people are beginning to worry about the effects this will have on their personal lives and the world as a whole as the virus spreads and the number of verified cases rises. People in Europe have already been known to go mad and stockpile particular goods, leaving the shop aisles empty. We are aware that this restricts travel, therefore many people are rearranging their plans and staying home. We could have anticipated that this would have a significant impact on tourism.
But most of us didn’t consider how this might affect the fashion sector. The novel coronavirus initially appears to have nothing to do with the fashion business, but then you realise that Fashion Week is a sizable gathering of people. Has the first bell rung? Will other fashion weeks this year proceed similarly?
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The largest issue facing the fashion business, however, is not fashion week.Chinese companies, offices, and factories are temporarily closing down in order to stem the virus’s spread while we’re fretting about donning masks on the street and postponing vacations.
Luxury fashion already suffers from the possibility of postponed runway shows, but it also suffers from individuals postponing vacations and prioritising their health rather than spending money on expensive designer clothing. And when it comes to purchasing luxury products, Chinese tourists really account for one-third of all purchasers.
Additionally, because Chinese manufacturers are closed due to the virus outbreak, certain materials used in the production of designer apparel may not be delivered to fashion houses in a timely manner. As a result, the design may not be ready in time. And the fashion industry is a seasonal one.
Given that I don’t really purchase high-end designer clothing, how does this apply to me? you may be wondering as you read this. Well, the fact that the majority of the fast fashion and high-street retailers where we purchase source their clothing from China due to its affordability is not really a secret. China is becoming the largest conglomerate in the fashion industry thanks to the low cost of labour there. If not the fabric, they might purchase zippers or buttons from China. China plays a significant role in practically all facets of the fashion industry, thus this coronavirus will have a significant impact on it.