Covid and fur around the world, according to the University of Copenhagen
The pandemic costs the fur business 5 billion dollars around the world. According to the latest report from the University of Copenhagen, entitled Global Fur Retail Value, commissioned by IFF – International Fur Federation, in 2020 the global retail fur trade reached 20.1 billion dollars. It would have been 25.1 billion dollars without the impact of Covid. South Korea, China and online buoyed sales.
Fur around the world
Global Fur Retail Value says that, compared to the 2019 record, around 25% of the world’s fur production and 30-35% of the international trade in raw mink leathers have faded as a result of the pandemic. But it points out that Covid’s impact will be temporary, and won’t impact long-term growth trends. Not only that, the study concludes that the closure of the mink sector had no effect on retail sales of fur in 2020, as they were already produced. In other words, its effects will be felt in the future.
The demand for furs thanks consumers in China and South Korea, who bought especially outerwear with fur trims, fur bags and leather accessories. According to WWD, IFF CEO Mark Oaten argues that the focus on environmental issues and the “buy less, buy better” message (launched by many brands and retailers) have led consumers to invest in slow fashion rather than fast fashion. “People reconsider our relationship with the environment and the impact of their personal choices. Ours is a resilient and global business that provides people with something of immense value: sustainable natural products that are made to last”.