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Summary IEB Business studies current affairs for report ()
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Business studies current affairs on clothing retailer for reports between 2020 to 2024
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BUSINESS STUDIESCURRENT AFFAIRS
Contents
Current Affairs: Clothing Retailers (2020-2024).................................................................................................. 2
Impact of COVID-19:....................................................................................................................................... 2
Shifting Consumer Preferences:..................................................................................................................... 2
Focus on Sustainability:.................................................................................................................................. 2
Key events and developments:....................................................................................................................... 2
Looking ahead:............................................................................................................................................... 2
Table summary Global Clothing Retail Current Affairs (2020-2024)...............................................................3
Current Affairs Analysis: Clothing Retailers in South Africa (2020-2024)............................................................4
Impact of COVID-19:....................................................................................................................................... 4
Shifting Consumer Preferences:..................................................................................................................... 4
Unique South African factors:........................................................................................................................ 4
Key events and developments:....................................................................................................................... 4
Looking ahead:................................................................................................................................................... 4
Inflation:......................................................................................................................................................... 5
Market Info:................................................................................................................................................... 5
Retailers:........................................................................................................................................................ 5
Summary Table: South African Clothing Retail Current Affairs (2020-2024).......................................................6
Page 1 of 6
, Current Affairs: Clothing Retailers (2020-
2024)
Executive Summary: The clothing retail industry witnessed significant turmoil and transformation between
2020 and 2024, shaped by the COVID-19 pandemic, shifting consumer preferences, and a growing focus on
sustainability. This note highlights key trends and events impacting the sector:
Impact of COVID-19:
Store closures and bankruptcies: Brick-and-mortar stores faced forced closures and reduced foot
traffic, leading to bankruptcies of major players like JCPenney and Ascena Retail Group.
E-commerce surge: Online sales skyrocketed as consumers shifted to digital channels. Amazon,
Boohoo, and Zalando thrived.
Supply chain disruptions: Global lockdowns and shipping delays caused difficulties in sourcing
materials and fulfilling orders.
Shifting Consumer Preferences:
Comfort and athleisure: Demand for loungewear and athleisure surged due to remote work and
homebound lifestyles.
Secondhand and vintage: Growing interest in sustainability and affordability fueled the secondhand
and vintage clothing market.
Personalization and experience: Consumers expect omnichannel experiences, seamless returns, and
personalized recommendations.
Focus on Sustainability:
Increased awareness: Consumers demand eco-friendly materials, ethical production practices, and
transparency from brands.
Circular economy initiatives: Brands explore garment recycling, upcycling, and rental models to
reduce waste.
Regulations and certifications: Growing pressure for sustainable practices, with stricter regulations
and certifications emerging.
Key events and developments:
Fast fashion backlash: Growing criticism of the environmental and ethical impact of fast fashion,
impacting brands like H&M and Zara.
Reshoring and nearshoring: Some brands move production closer to home to mitigate supply chain
risks and promote sustainability.
Technological advancements: AI-powered inventory management, virtual fitting rooms, and
personalized marketing reshape the retail landscape.
Looking ahead:
Continued online dominance: E-commerce is expected to maintain its leading role, with omnichannel
integration becoming crucial.
Sustainability takes center stage: Consumers will prioritize eco-friendly and ethical brands, driving
further innovation in this area.
Personalization and data-driven strategies: Retailers will leverage data to offer personalized
experiences and targeted marketing campaigns.
Page 2 of 6
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