Clothes spending has plummeted by 50%—now the fashion industry is trying to rally. 

Clothes spending has plummeted by 50%—now the fashion industry is trying to rally. According to data from the U.S. Census Bureau, retail sales decreased by 8.7% during the lockdown, with clothing and accessory brands taking the hardest hit at 50%—and it’s likely to transform the future of fashion. While categories like loungewear and athleisure are getting a boost, our COVID special report on spending shifts found that young consumers’ are prioritizing purchasing essential items such as groceries and medical supplies. Many brands are reorganizing businesses to respond to the crisis and stay relevant with young consumers, while others are relying on grants from Vogue editor Anna Wintour and the CFDA, who have raised more than $4 million to save small designers, stores, and factories. (Fast Company, NYTimes)