President of the Union of Entrepreneurs and Tenants of Russia, Andrei Bunich, explained the fall in prices for branded clothing after the coronavirus pandemic, Nation News reports. According to the expert, this happened due to a decrease in purchasing power and the companies’ losses.
The expert notes that many points became unprofitable, and the competition with online stores also began, as not only demand but also consumer behaviour is changing. Bunich is confident that due to the COVID-19 pandemic, the luxury apparel market will shrink by 30 per cent. The share of sales of the mass market will also decrease and will correspond to real consumer needs.
Ru-Main, 14.06.2020
