How Do Consumers Feel About Fashion During Coronavirus? Here’s What AI Thinks
Fashion and retail are in a dire state as global economies are practically at a standstill due to the coronavirus pandemic. Last week, Saks Fifth Avenue let its vendors know that payments would be delayed for almost up to three months. Two weeks before that, Neiman Marcus announced they were considering bankruptcy. The resort collections, whose shows are held in June, have been canceled, while retailers are considering whether they will carry fall collections at all in anticipation that consumer spending will not be back to normal by then.
Cognovi Labs, an award-winning technology startup which measures the public’s emotions and quantifies consumer intent through AI-meets-behavioral-psychology, has been calculating emotions around coronavirus, including this panic index, in order to understand consumer emotions and the public’s anxiety and mental stress.
For this article, Cognovi has been measuring the emotions around retail and fashion this past week, and what they uncovered was that the coronavirus pandemic has structurally changed the consumers' emotional attitude towards the fashion and retail industries, and fashion companies in general.
