Globally, many consumers say they have been severely impacted by the pandemic, resulting in a decline in income (40%) and apparel spending, according to the 2021 Global Lifestyle MonitorTM Survey by Cotton Incorporated and Cotton Council International. Decline (55%). Still, a majority (58%) are very/somewhat optimistic about their financial future. Additionally, people under 35 are more optimistic than older people (62% vs. 55%)
The 2021 Global Lifestyle Monitor survey shows that nearly four-fifths (78%) of consumers say they still like/somewhat like buying clothing, and, looking ahead, almost all (97%) plan to do so in the future One year of clothing shopping. Nearly half of consumers (48%) plan to purchase at least 50% or more of their clothing online in the future. But consumers are also willing to shop in physical stores, such as department stores (61%), large merchants/supermarkets (57%), chain stores (56%), discount stores (55%), specialty stores (52%), and independent boutiques , sporting goods stores and street markets (51%) and factory discount stores (42%), according to the survey. What retailers need to remember, though, is that the majority (68%) expect to buy less than they did before the pandemic.
According to the 2021 Global Lifestyle Monitor Survey, when it comes to what they plan to buy, 83% of consumers said they want to buy more comfortable clothes. So it makes sense that comfort (87%) is the top purchase driver when deciding whether to buy a piece of clothing. The survey shows that this is followed by fit (84%), overall quality (83%), durability (79%), clothing finishing and price (both 71%), style (70%), and functionality (68%). , environmental protection (60%), brand (39%) and manufacturing country (35%).
Industry manufacturers should note that 76% of consumers globally said they would pay more for better quality clothes, according to the 2021 Global Lifestyle Monitor Survey. Nearly three-quarters (71%) said they would be willing to pay more for environmentally friendly clothing.
According to the 2021 Global Lifestyle Monitor Survey, the majority of consumers (60%) say that to meet their need for comfortable, environmentally friendly clothing, they will spend more on cotton clothing rather than synthetic fiber clothing (11% ). Additionally, more than four-fifths of global consumers (82%) say they prefer to wear cotton clothing.
According to the 2021 Global Lifestyle Monitor survey, the majority of shoppers worldwide believe that cotton clothing is the most comfortable (77%), most sustainable (71%) and longest lasting (58%) compared to clothing made from synthetic fibers ).
Over the past year, sustainability has become increasingly important among consumers. The 2021 Global Lifestyle Monitor survey found that 80% of consumers believe that “environmental changes and resource consumption are objective facts that require changes in our behavior.” More than half of global consumers (56%) are concerned about sustainability and Environmental concerns have increased, while 35% remain at a similar or same level of concern. When it comes to environmentally safe fibers, consumers rank cotton first (71%), followed by wool (65%) and hemp (59%). Man-made fibers such as rayon (45%) and polyester (33%) ranked lowest, according to the survey.
Research based on the 2021 Global Lifestyle Monitor Survey provides recommendations for the apparel industry as people around the world continue to live and adapt to COVID-19 and its consequences. Among them, manufacturers and retailers are advised to monitor the long-term impact of the epidemic and the economy. It is recommended to closely track consumer attitudes and behaviors and adjust product mix, price points, channel priorities, communication with consumers and consumer experience based on changes in consumer attitudes and behaviors.
The 2021 Global Lifestyle Monitoring Report also pointed out that as consumers return to regular clothing shopping, their decisions will be more selective and intentional. In light of this, retailers are advised to avoid lowering prices in order to gain short-term sales growth to the detriment of long-term growth. The study noted that this could harm consumer perceptions of the product in the long term.
As for dealing with the “next normal” in consumer behavior, the report says retailers and brands should ensure the online experience is as seamless as possible, both online and offline, as the shift to e-commerce is likely to continue. However, the 2021 Global Lifestyle Monitor study shows that physical stores should continue to optimize the offline store experience, as this still dominates the apparel market in most countries.
The report also recommends that the apparel industry urgently develops a strategy to address sustainability and environmental issues. Global consumer concerns about sustainability and environmental issues have increased over the past year. The 2021 Global Lifestyle Monitor study notes that while consumers around the world are willing to take personal responsibility for preventing climate change, they also expect their governments and businesses to do the same. For this reason, it is recommended thatThe industry collaborates with competitors to share learnings and implement best practices. Likewise, fashion as a whole should prevent the creation of “fast fashion”.
Finally, the 2021 Global Lifestyle Monitor study recommends that, for the benefit of consumers, the apparel industry provide information on what constitutes environmentally friendly clothing and create a logo indicating compliance with specific sustainability guidelines. In addition, by encouraging brands to use the influence of influencers, they may persuade their followers to make environmentally friendly choices. And – for any skeptics – it should be made clear that eco-friendly clothing does not negatively impact comfort, quality and durability.
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