Boohoo results a wake up call for the entire industry

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Fast fashion retailer Boohoo has reported a slowdown in global sales amid declining consumer demand as the cost-of-living crisis takes its toll.

These results demonstrate just how tough it is right now, not just for fast fashion but for retail as a whole. Inflation, energy prices and the cost-of-living crisis are really beginning to bite.

It is no secret that Boohoo has endured its fair share of challenges since the height of the stock valuation in June 2020. Nevertheless, this is a huge wake-up call for the entire fashion industry – extremely volatile consumer demand, coupled with a very uncertain outlook have combined to result in a 4% drop in UK sales for Boohoo.

Now, more than ever, as household budgets are squeezed, in many cases, almost beyond breaking point, new clothes have become a luxury item, and in the new climate, more than ever, consumers need to feel a sense of trust in brands they purchase from.