Again, TextileFuture’s Newsletter is composed of two features, the first one shows all aspects of actual sports, with a focus on Navigating Sponsorships during Covid-1. It is based on a webinar by Euromonitor International. We present the slides shown, these are selfexplanatory.
The second feature presents the findings of a McKinsey’s latest “Survey on Consumer sentiment on Sustainability in Fashion.” The survey was conducted in April 2020 across more than 2000 UK and German consumers.
Here starts the first feature:
Euro Monitor International – Sports Indices 2020: Navigating Sponsorships during Coronavirus
The COVID-19 pandemic has affected sporting activities and games on a global scale. Current challenges pose an opportunity for stakeholders to re-evaluate sponsorship strategies and shift towards more dynamic and digital driven engagement.
The webinar preesenters and our guest authors Egle Tekutyte and Davide Calzoni
This webinar highlights how strategic data can help identify future commercial opportunities within the sports industry. Watch this webinar on demand! A confirmation will be sent to your email address with your link to download the slides and recording here
Heere are the selfexplanatory slides:
Here starts the second feature:
McKinsey’s Survey on Consumer sentiment on sustainability in fashion
By guest authors Anna Granskog, Libbi Lee, Karl-Hendrik Magnus, and Corinne Sawers from McKinsey. Anna Granskog is a partner in McKinsey’s Helsinki office, Libbi Lee and Corinne Sawers are associate partners in the London office, and Karl-Hendrik Magnus is a senior partner in the Frankfurt office.
The authors wish to thank Poorni Polgampola, Nadya Snezhkova, and Jan Vlcek for their contributions to this article.
Here starts the second feature:
McKinsey’s Survey on Consumer sentiment on sustainability in fashion
Engagement in sustainability has deepened during the COVID-19 crisis, with European consumers wanting fashion players to act responsibly and consider the social and environmental impacts of their businesses.
While the fashion industry is reorganizing for the next normal after the COVID-19 crisis, European consumers have become even more engaged in sustainability topics. That presents an opportunity for the fashion industry to reiterate its commitment to sustainability. Moreover, now could be the moment to drive less seasonality in the fashion system.
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Our survey was conducted in April 2020 across more than 2000 UK and German consumers. 1 It is part of a firmwide effort to capture consumer sentiment during the COVID-19 crisis.
Sentiment toward sustainability
Amid the shock and uncertainty that the fashion sector is facing during the COVID-19 crisis, there is a silver lining for the environment: two-thirds of surveyed consumers state that it has become even more important to limit impacts on climate change. Additionally, 88 percent of respondents believe that more attention should be paid to reducing pollution.
In practice, consumers have already begun changing their behaviors accordingly. Of consumers surveyed, 57 percent have made significant changes to their lifestyles to lessen their environmental impact, and more than 60 percent report going out of their way to recycle and purchase products in environmentally friendly packaging (Exhibit 1).
Emphasis on social and environmental commitments
While the industry is reorganizing for the next normal, it should consider that consumers want fashion players to uphold their social and environmental responsibilities amid the crisis. Of surveyed consumers, 67 percent consider the use of sustainable materials to be an important purchasing factor, and 63 percent consider a brand’s promotion of sustainability in the same way.
Additionally, surveyed consumers expect brands to take care of their employees, as well as workers in Asia, during the COVID-19 crisis (Exhibit 2). That highlights the need for brands to maintain ethical commitments, despite the crisis.
Overall, it is imperative to build trust and transparency with consumers, as 70 percent are sticking with brands they know and trust during the crisis. Of surveyed consumers, 75 percent consider a trusted brand to be an important purchasing factor. However, younger consumers, particularly Gen Zers and millennials, are more likely to experiment with smaller or lesser-known brands during the crisis (Exhibit 3).
Shift in purchasing behaviour
With 88 percent of consumers expecting a slow recovery or a recession, general consumer confidence is low. As a result, consumer spending on fashion is also changing. More than 60 percent of consumers report spending less on fashion during the crisis, and approximately half expect that trend to continue after the crisis passes. However, consumers are likely to cut back on accessories, jewelry, and other discretionary categories before reducing their spending on apparel and footwear (Exhibit 4).
When it comes to making changes to purchasing behavior, younger consumer segments are willing to buy cheaper versions of products they normally buy—approximately 50 percent of Gen Zers and millennials in our survey report trading down (Exhibit 5).
The COVID-19 crisis has recruited new consumers to online channels: 43 percent of surveyed consumers who didn’t purchase fashion online before the crisis have started using online channels. And that shift is unlikely to reverse, as nearly 28 percent of consumers expect to buy less at physical stores—a trend seen in higher shares in Generation Z and millennial respondents (Exhibit 6).
Mindset on fashion cycles and circular business models
The survey findings indicate that the consumer mindset is not strongly tied to the fashion cycle, so now could be the moment to drive less seasonality in the fashion system. Of surveyed consumers, 65 percent are supportive of fashion brands delaying the launch of new collections as a result of the COVID-19 crisis. Additionally, 58 percent of respondents are less concerned about the fashion of clothing than other factors following the crisis, and consumers now cite newness as one of the least important attributes when making purchases (Exhibit 7).
As a result of the COVID-19 crisis, 65 percent of respondents are planning to purchase more durable fashion items, and 71 percent are planning to keep the items they already have for longer (Exhibit 8). Additionally, 57 percent of respondents are willing to repair items to prolong usage.
Particularly among younger European consumers, there is interest in purchasing secondhand fashion items following the COVID-19 crisis. Of surveyed consumers, around 50 percent of Gen Zers and millennials expect to purchase more items secondhand (Exhibit 9).
Overall, consumer sentiment suggests that the COVID-19 crisis could serve as a reset opportunity for players in the apparel, footwear, and luxury sectors to strengthen their sustainability commitments and accelerate industry-wide changes, such as reduced seasonality and scaling of circular business models.www.mckinsey.com
The Newsletter of last Week
Toward a More Resilient Europe – The Middle East and Central Asia (MCD) region – and South Africa’s SMEs after Covid-19 future https://textile-future.com/?p=48590
The highlights of TextileFuture’s News of last week. For your convenience just click on the feature.
Pinter Group Acquires Swiss Amsler’s Technology https://textile-future.com/?p=48752
UBS Investor Watch: Wealthy investors see lasting life changes after COVID-19 https://textile-future.com/?p=48604
First registration worldwide for BASF’s Tirexor® herbicide in Australia https://textile-future.com/?p=48599
Rising uncertainties from COVID-19 cloud medium-term agricultural prospects https://textile-future.com/?p=48827
Uniqlo in line with PETA; Bans alpaca wool https://textile-future.com/?p=48758
Antitrust: EU Commission fines ethylene purchasers EUR 260 million in cartel settlement https://textile-future.com/?p=48664
Swiss Nestlé supports the relaunch of the European Alliance for Apprenticeships https://textile-future.com/?p=49508
Automotive Radar: Golden Era of Innovation and Growth https://textile-future.com/?p=48679
Lenzing once again achieved gold status in the sustainability rating of EcoVadis https://textile-future.com/?p=49799
China’s Pain Could Be Google’s, Facebook’s Gain in India https://textile-future.com/?p=48675
China is First Major Economy to return to Growth since Coronavirus Pandemic https://textile-future.com/?p=48792
ThredUp collaborates with Frame to join the circular economy https://textile-future.com/?p=49065
Swiss Bossard Group first half of 2020 – first results https://textile-future.com/?p=48699
Burberry First Quarter Trading Update https://textile-future.com/?p=48718
Breaking News – Swiss Rieter’s First half of 2020 severely impacted by COVID-19 https://textile-future.com/?p=48766
Swiss Producer and Import Price Index in June 2020 https://textile-future.com/?p=48653
U.S. Industrial Production picked up again in June 2020 https://textile-future.com/?p=48739
Stable Swiss demand for innovation funding despite coronavirus crisis https://textile-future.com/?p=48745
OECD area employment dipped in first quarter of 2020 but early evidence for second quarter points to a plunge https://textile-future.com/?p=48789
U.S. Jobless Claims held nearly steady at 1.3 million in July 11 Week https://textile-future.com/?p=48809
McKinsey’s Weekly Chart https://textile-future.com/?p=49512
EU – India
Joint Statement – 15th EU-India Summit, 15 July 2020 and Road Map to 2025 https://textile-future.com/?p=48812
EU-Indonesia agreement: European Commission publishes conclusions of the sustainability impact assessment https://textile-future.com/?p=49506
Mumbai edition of Screen Print India to re-open doors alongside Gartex Texprocess India in March 2021 https://textile-future.com/?p=49790
#FurFreeBritain campaign gains momentum https://textile-future.com/?p=48742
FULGAR becomes an innovation incubator with a susstanable Supply Chain project by Young Talent at NABA – Countdown October 2020 https://textile-future.com/?p=48706
Nestlé and European Clean Trucking Alliance call for more sustainable road freight https://textile-future.com/?p=49503
Western Newsrooms weigh alternatives to Hong Kong as Beijing tightens Grip https://textile-future.com/?p=48797
WIPO ADR Mediation and Arbitration Cases Pass 700 https://textile-future.com/?p=48780
New WIPO Madrid System Online Service makes Filing International Applications easier for Users https://textile-future.com/?p=49804
Amendment in the POCTA Act likely to save skin https://textile-future.com/?p=48947
Archroma starts production of hand sanitizers to help fight COVID-19 https://textile-future.com/?p=48609
Adriano Goldschmied partners with Beau Lawrence to create the perfect T-shirt https://textile-future.com/?p=49057
Peru initiates WTO dispute complaint against Brazil’s PET duties, tax treatment of imports https://textile-future.com/?p=48829
Walmart missed Prime Window for Subscription Service, and that’s OK https://textile-future.com/?p=48804
The Efficient Rotor by Rieter https://textile-future.com/?p=48822
Smart Centres Index 1 – London Leads, Yet US Dominates The Top Ten In Smart Centres Index https://textile-future.com/?p=48686
Polish label producer Arti-Bau adds Xeikon’s UV inkjet solution for increased flexibility https://textile-future.com/?p=48612
New Zealand in pursuit of a circular economy https://textile-future.com/?p=48761
Nestlé Waters North America expands use of 100% recycled plastic for Ozarka, Deer Park and Zephyrhills https://textile-future.com/?p=48819
Extension of time limit for tax-free exports in Swiss Tourist Traffic https://textile-future.com/?p=48662
United States of America IMF Staff Concluding Statement of the 2020 Article IV Mission https://textile-future.com/?p=48939