According to the UK-based data analytics company, GlobalData, COVID-19 will wipe off $297 billion revenue from the global apparel market in 2020. The US will account for 42 per cent of total loss. Asia-Pacific (APAC) markets, including China, India and South Korea, will raise their position in the ranks of top 10 global apparel markets by 2023 with China surpassing the US as the largest apparel market in the world.

Apparel sales in the APAC markets will take some time to rebound amid dampened consumer confidence, slump in tourism, threat of an impending global recession and high unemployment rates. However, lost sales will be compensated by ‘revenge buying’ as witnessed in China recently where some brands saw their store sales return to 80-100 per cent of pre-COVID-19 trading levels.