With the pandemic in rear-view, Lifestyle, apparel and footwear companies are upbeat over the prospect of increased sales after a prolonged bout of a lull due to Covid-19 restrictions that were first imposed two years ago, as most of the schools and offices reopen.
Demand Is Returning To Pre-Covid Level
Just like the pre-Covid era, the demand for apparel especially in the smart casuals, formal and women’s ethnic wear is expected to rise with the return of normalcy. Demand for such categories witnessed a drop of 40-60% in sales during the pandemic, however now the demand is returning to normal.
After an improvement in the month of February, sales reached pre-pandemic levels said Devarajan Iyer, chief executive of departmental store chain Lifestyle International told Economic Times. During the pandemic, demand was concentrated to athleisure and casual clothing categories. There is an anticipation for further improvement in the women’s ethnic wear and smart casuals, he added.
In the October-December quarter, footwear company Bata saw a recovery in the sales of school and formal shoes. Also, the company expects further improvement in the coming quarters.
With the impact of Covid moderating, MD of Bata India, Gunjan Shah told that the company is expecting a recovery and also expects a boost once the third wave is over. According to him, sales will improve with more stability due to the sequential recovery in the last quarter.
Many Companies Starting Work From Office Soon
While most of the states have already opened colleges and schools across all grades, from March onwards many offices plan to operate with full strength.
Companies like Tata-owned Voltas, ICICI Bank, Parle Products, Sun Pharmaceutical, Godrej, Goldman Sachs, Dabur, Haier, Panasonic, Biocon, Dixon Technologies and Motilal Oswal Financial Services are on the verge of starting work from office.