The Business Research Company recently published a new apparel industry report on the current state and future of sustainable fashion post-COVID-19.
The brand new study titled "Ethical Fashion Market 2020-30: COVID-19 Growth and Change" cast astonishing predictions on the evolution of ethical clothing demand over the next few years.
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The Business Research Company
The Business Research Company (TBRC) is a market research and intelligence company that excels in company, market, and consumer research.
With over 200 experienced professionals from various industries, it creates quality research solutions and consulting services for industry leaders worldwide.
The Business Research Company uses a range of advanced research techniques, including proprietary data sources and hidden web search, skilled elicitation techniques, mystery shopping, and observational research.
The global ethical fashion market
The global ethical fashion market is expected to decline from USD 6.35 billion in 2019 and to USD 6.14 billion in 2020 at a compound annual growth rate (CAGR) of -3.24%.
The COVID-19 outbreak and the measures to contain it hit the fashion industry hard. It shut down many businesses, retail stores, garment factories and took the livelihood of millions of people.
Due to the crisis and subsequent lockdowns, the global textile and apparel industry is sinking. Many brands and retailers worldwide have canceled manufacturing orders.
For developing East-Asian countries where most clothes are manufactured today, the consequences were devastating.
Thankfully, one of the positives after the pandemic is the regained interest in conscious consumerism. People have slowed down and realigned their priorities.
The global ethical fashion market is expected to recover and reach USD 8.25 billion in 2023 at a CAGR of 10.33%. The growing awareness of the adverse effects of the textile industry on the environment is encouraging customers to opt for ethical fashion materials.
About ethical fashion
Ethical fashion is about designing and manufacturing clothes that care for people and communities while minimizing the impact on the environment. It focuses on both the social and environmental impact of fashion and to improve the working conditions of laborers.
Ethical fashion is becoming increasingly popular. However, the high cost of sustainable clothing is hampering the growth of the market. Ethical and slow fashion is generally not affordable and much more expensive than fast fashion for most consumers.
Thankfully, there are many simple ways to buy ethical and sustainable fashion on a limited budget. Thrifting, vintage, secondhand, clothing rental, and upcycling help tremendously.
The COVID-19 crisis has forced us to rethink the way we produce and consume clothes. With a collective effort, people all over the world are now working towards making fashion more sustainable.
For fashion businesses, it's time to take massive action to reduce waste, pollution, and carbon emissions and make more sustainability efforts to thrive in the market after the coronavirus pandemic.
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