As staying at home and video calls change people's consumption habits, an American classic has been forgotten and has left a number of businesses bankrupt, in the wake of falling sales in recent months.
During confinement, consumers forgot about jeans and changed their clothing habits. At the end of 2019, the denim industry was estimated to grow by more than $ 14 billion by 2024, but coronavirus is affecting all brands of "jeans". Denim pants have been replaced by more comfortable, stretchy, and cheaper fabrics, notes a Washington Post report.
When most office workers thought that wearing a pair of jeans was the most comfortable option, during confinement workers opted to wear shorts and baggy pants to pair with casual shirts and blouses during video calls, and the fashion industry, in general, saw shopping trends and drastic changes for consumers.
According to the Post, companies such as Gap registered an increase in sales of men's joggers, leggings and tracksuits, or sports pants.
However, the sale of jeans has been slow for the last 5 years. The True Religion, Lucky Brand, and G-Star RAW brands have filed for bankruptcy since early June. Joe’s Jeans and Hudson Jeans filed for Chapter 11 protection in May while iconic Levi’s saw a 62% drop in revenue in the second quarter and announced a cut of 700 workers, 15 percent of its corporate workforce.
In 2019, Americans spent about $ 17 billion on jeans, 5 percent less than the nearly $ 18 billion earned in 2014, according to Euromonitor International and denim sales declined for the past three months compared to the same period last year, research firm NPD Group told the Post.
With a new surge of COVID-19 cases nationwide, there is no saying when this trend could end and what the future of many other jean companies may be.