McKinsey & Company research reported that 60-95% of households are expecting a significant long-term drop in household finances, in a presentation at the World Federation of the Sporting Goods Industry’s latest webinar on Covid-19 trends. McKinsey’s June survey also shows that 20% of U.S. consumers are anticipating 4-6 months of negative impact, 12% saying 7-12 months, and 19% saying greater than one year. The panel urged industry players to adjust their cost base in response.

On a positive note for apparel, data for the U.S., Europe and Asia shows that while discount levels are unsustainable for the mid- and long-term, the ... Log in to view full article.