Sales of denim products have plummeted amid the coronavirus pandemic, causing problems for many well-known brands.
Sales jeans around the world have been sluggish over the past five years as consumers began to prefer even more comfortable sportswear. For example, according to Euromonitor International, Americans spent about $17 billion on jeans last year, or 5% percent less than the nearly $18 billion spent in 2014.
Now the decline in interest has become even more noticeable. According to the research company NPD Group, sales of jeans over the past three months have declined significantly compared to the same period last year. As for the models more expensive than $200, then the decline is even 40%.
Shortly after the pandemic began, brands such as True Religion, Lucky Brand and G-Star RAW filed for bankruptcy, followed by Joe's Jeans and Hudson Jeans. Things are not going well Levi's – the company announced a drop in revenue immediately by 62% and an intention to cut 15% employees.
Apparel sales are down nearly 40% this year, according to the US Department of Commerce, as consumers cut nearly every category of spending. A similar situation is observed in other countries. Buyers prefer to purchase more affordable clothing, giving preference to comfort. Thus, there is an increase in interest in sweatpants and leggings, which was noted by brands like Lululemon and Athleta (however, despite this, their overall sales also fell).
Closed stores also play their part in the decline in sales. You can also buy sweatpants on the Internet, without fear that they will not fit. Jeans are a different story, most consumers prefers to try on them before buying.
Sportswear is becoming more and more commonplace, it is no longer worn only during training, but also at home, during walks and even at work. Against the backdrop of a general decline in income, consumers are increasingly willing to buy multi-purpose solutions, preferring one thing over several. Stylish and expensive clothes are becoming less and less popular, as evidenced by the recent bankruptcies of the companies behind Brooks Brothers и Ann Taylor. If a person works almost exclusively from home, then he will definitely prefer comfort to style.
At one time, jeans became extremely popular due to the fact that they were distinguished by practicality and convenience. Now they are losing their positions under the onslaught of even more convenient and practical things.