This month’s Fashion Friday podcast series by Euromonitor International explores how casualness, sustainability and digitalization have impacted the Latin American apparel industry. The apparel and footwear market has shrunk by 30% at a fixed price at the regional level as consumers focus on maximizing budgets and reducing unnecessary costs.
Due to the influence of the pandemic, consumers are becoming more interested in brands that offer a combination of technical, stretch and street attributes for a more relaxed look. Long-term confinement reduces social opportunities, and accelerated hiring of telecommuting is facilitating the transition to a more “carefree” look in everyday life.
The impact of COVID-19 has raised awareness of the environmental impact of consumer habits on the planet. Increasing numbers of companies are demonstrating goal-driven solutions and sustainable efforts as part of their core business to maintain relevance. Retailers in key regions such as Cencosud in Chile and Grupo Éxito in Colombia sustain by offering consumers to receive second-hand clothing in exchange for vouchers and by including second-hand brands and small entrepreneurs in the market. We are addressing possible concerns.
Apparel and footwear players have been forced to accelerate digitalization to stay competitive. According to Euromonitor International, e-commerce apparel and footwear industry sales increased 126% in 2020. In 2021, consumers’ preferred shopping mode is to buy apparel and personal accessories directly, but online options such as buying phones and computers are 42% and 36 in Latin America, respectively, according to Euromonitor’s Digital Consumer Survey. Has won the% position.
Online shopping stays here as consumers become more and more aware of the convenience and security of online services as a result of a pandemic. Latin American digital wallets such as Fpay, Mercado Pago, and Tpaga help expand online opportunities for people without a bank account and increase consumer brand loyalty.
Written and created for Fashion United by Euromonitor. Other Euromonitor podcasts and information can be found on the Euromonitor website.
Top 3 Trends in Forming Latin American Apparel
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