Because of COVID-19, the Fashion Accessories market is experiencing one of the worst crises in history, as Fashion (Clothing, Footwear, Accessories or Accessories) is no longer a priority for 70% of consumers. according to the latest published surveys.
In this stage of COVID-19, in which online purchases have increased substantially (80% of Spaniards have used the internet for online purchases and more than 40% of consumers have increased them compared to last year), Fashion and Accessories have been replaced by Gastronomy, Toys and Sporting Goods, which have tripled their online sales compared to the same period in 2019.
Although spending on Fashion and Accessories is not always a rational decision-making, since it has a lot to do with emotions and feelings, the truth is that the fact of not being able to wear what you buy and a certain feeling of discouragement and uncertainty, have made online fashion sales have fallen 26% in March 2020 vs March 2019. In April 2020 the drop in traditional retail (physical + online store) was almost 90%. (Data from the employers of the sector)
We, as designers and creators of unique and exclusive pieces of Complements, being accessory elements, we are in tow of the general situation of the sector. For example, the consumption of millennials is moderate; This generation has suffered 2 crises and verifies that its economic stability is not assured. And what about consumers who plan to lose their jobs!
As “positive” elements of this pandemic, our scale of values and worldview, in my opinion, is changing:
• We have realized that offshoring does not always pay off. This can make the "Made in" regain its true value and meaning.
• We are becoming aware that the economy must be circular, sustainable. It is the paradigm of the "new luxury".
• We begin to value the creative, the unique and exclusive piece, different and original.
It is at these points that designers and creators of unique pieces have an opportunity for growth; We start with an advantage since we have always fulfilled these conditions.
We have the opportunity to reach more target audiences through online shopping, as everything seems to indicate that this trend will continue once the stores are opened. For this we have to invest in means and efforts, we have to get our clients excited even though they cannot "touch" the pieces, we have to make them want them. Words and images are the resources we have at our disposal to achieve this.
Our world is changing. We have to be flexible.