Changing styles in fashion are nothing new. But the style changes on display in 2020 are quite a bit different than previous years. Consumers are staying at home and as a result paying a lot less attention to their personal style. Mastercard’s holiday spend data effectively sums up the story. Consumers did their fair share of shopping this season — home furnishings, home decoration, and home improvement products all had a banner season as consumers set about more perfectly feathering their nests. But apparel sales dropped off 19 percent year on year, according to the data.
And, according to McKinsey’s The State of Fashion 2021 report, it was far more than a one-off tough season — it was a really bad year. In 2019, the industry’s overall sales went up about 4 percent worldwide. In 2020, according to