Apparel Global Market Report 2020-30: Covid 19 Impact And Recovery
LONDON, GREATER LONDON, UK, May 29, 2020 /EINPresswire.com/ — Restaurants in Vilnius, Lithuania’s capital, are finally open to the public after months of being shut due to the coronavirus lockdown. However, social distancing measures are still being enforced by leaving out empty tables in between to ensure that visitors do not come within six feet of each other in efforts to contain the virus. Not only does this look odd, but it also cuts down revenues of restaurant owners. They have come up with an innovative solution to tackle the problem- mannequins being placed on the empty spots display local designers’ fashion pieces that customers can purchase. The details of the items are available on the tables. This not only helps fill the empty spaces but also gives local fashion businesses an opportunity to regain lost business. More than 60 mannequins have been placed at various restaurants, displaying items from 19 fashion boutiques in Vilnius’ Old Town Glass Quarter.
The global apparel market has been particularly affected by the COVID-19 pandemic, dropping from its market value of $672 billion in 2019 to around $660 billion in 2020 at a compound annual growth rate (CAGR) of -1.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. This data comes from the Global Market Model, which also predicts the global fast fashion market to decline at -12.32% rate this year. The mannequin initiative by restaurant owners will perhaps help fashion designers get back on their feet, and will also help restaurants attract patrons from other areas.
Other countries are slowly adopting this approach. A Michelin-star restaurant in Virginia is using mannequins to decorate the indoor dining area as customers are only allowed to sit outside following social distancing measures. Similarly, in Washington D.C., the Inn at Little Washington is expected to open up by May 29th, with mannequins placed on empty tables to provide for décor as well as enhance the customer experience.
The global hospitality market, particularly restaurants, took a severe hit when worldwide quarantine measures came into place. The Global Market Model estimates show that the overall global hospitality market saw a decline of -2.4% in 2020, whereas the global restaurant and mobile food services market declined at -3% annual rate. Innovative solutions such as the mannequin fashion display might help restaurants gain more customers and maintain their operations.
The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real-time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.
*The model is based on the consumption of goods and services in monetary terms (nominal growth), and therefore differs from GDP forecasts published by many leading institutions such as the World Bank and IMF.
Source: EIN Presswire