For the past few years, there has been a lot of talk of disruption in the fashion industry, and the topics which were associated with this were generally very closely linked. Such as the movement from ‘Bricks and Mortar’ to ‘Online Sales’, the domination of Amazon, the ‘Retail Apocalypse’, and the ‘Millennial Consumer’ being not as interested in Fashion as the previous generations. A lot of these subjects kind of made sense as to why the industry was so impacted and Fashion Retail so disrupted. The ‘Trade War’ followed due to the aggressive action of Donald Trump to bring jobs back to the US and rebalance the ‘Trade Deficit’. The ‘Brexit’ issue which seemed to suspend the UK and therefore, impact the buying patterns of the British consumer due to their sense of uncertainty and lack of clarity.
All of these seem quite logical, understandable and related. However, we’ve started to see other things emerge, which are really unexpected and hugely impactful. Writing this in Hong Kong, we’ve had eight months of pro-democracy protests, which has seen the numbers of Mainland Chinese tourists and, in fact, many other tourists, plummet and keep many locals at home and not in the mood to shop. We have seen many events cancelled or postponed, including the major Art Fairs and many Industry trade shows.
At the beginning of 2020, we saw the Covid-19 virus, or Coronavirus as it was then known, start to become a news item and over the past two to three weeks, there has been an escalation in concern regarding this. The question is, what does this have to do with the fashion industry? It impacts the industry on so many levels. The majority of China has been shut down, and Hubei province is a big part of the industry. The country was shut down during Chinese New Year, which extended the holiday and completely disrupted deliveries and manufacturing. However, the country is extremely efficient and will get back to normal as soon as it is able. The fear has certainly turned everybody‘s hunger for Fashion elsewhere. When lives are being impacted, this is where the importance lies. It has made us realise what is important in life.
How do we ensure something valuable comes out of this? Here are a few areas where we can really make an impact on ourselves and others:
1). Consider how others are impacted during these times. To have generosity and compassion, reach out to people in other countries. Offer your time to listen to them; you don’t know what they are dealing with.
2). If you are not able to move around as freely as usual, use the time to catch up on your sleep, and overall, encourage your well-being.
3). Look for new things to do, maybe take up a new hobby.
4). Meditation is a great way to centre yourself and really adds deeper dimensions to one’s life.
5). Spend time in nature, go hiking, running or even just a walk. It makes a difference. The most important measures to take during these times are to take care of ourselves and take care of others.
Be generous, caring and kind.
Thanks
Kate
Founder at Fashionable Futures