The Business of Fashion will be taking a break between 24 December 2020 and 3 January 2021. In the meantime, explore our analysis from an unparalleled year for the global fashion industry. We wish you a happy holiday season and a great start to 2021.
Dear BoF Community,
When executives look to trim costs in tough times, marketing budgets are often the first to get cut, as was the case for most fashion and beauty brands once the coronavirus pandemic shut down the global economy. But 2020 also acted as an accelerant for trends that were bubbling up in fashion marketing for years. Namely, any marketing spend that couldn't definitively prove its ROI — like magazine advertising, billboards and subway ads — was on the chopping block. Although marketing budgets have rebounded from their March dips (with ad dollars largely allocated to big tech platforms like Facebook, Instagram and Google) reaching shoppers is only one struggle fashion brands faced this year. Communicating with consumers — those who were experiencing a global pandemic, racial reckoning and fraught political environment simultaneously — became a minefield. Shoppers were more skeptical than ever about brand values and messaging, as were the influencers who helped amplify those brands to millions of social media users.
Alexandra Mondalek, Senior Editorial Associate
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