Prada model Photograph: Tiziana Fabi/AFP/Getty Images

Contrary to popular belief, economic forecasters are predicting an economic boom in the fashion industry, and a period of ‘roaring 20s’ as people are set to showcase their best post-Covid outfits.

It’s safe to say Nottingham’s high street has taken a hit after the past two weeks have seen fast-fashion giants Boohoo acquire legendary British brand Debenhams and ASOS would be taking control of Topshop and Topman of Sir Phillip Green’s Arcadia group.

Sadly, with these purchases came the news that the stores would not be reopening on our high street post-lockdown and the future of the industry looks bleak.

But fear not fashion fans, experts are hopeful, and you should be too.

When Tilman Fertitta told CNBC last month: “The consumer is coming back … this is going to be the ‘roaring 20s’ – you can just see it”, people were rightly sceptical. But here’s just a few reasons why he just might be right:

Longer days

Nothing brings out fashion fever like the sun, and we have well and truly passed the darkest point in the year. From here on, the sun will set later and the days will get warmer, and with that people will get the chance to wear their favourite fits for longer – even if it’s just to the shop.

Summer months

There aren’t many things more fun than choosing the perfect outfit on a hot summers day. Though this summer will still involve social distancing measures, outdoor meeting will likely be heavily on the cards. With a bit of luck with the weather, this could be one to remember.

The post-Covid boom

Picture this: we’re about a year down the line, the government’s vaccination campaign has been a success, Boris appears in the familiar briefing room, Witty and Valance by his side, and mutters the announcement: “Coronavirus is no more.”

Wishful thinking maybe, but the point I’m trying to make is that this will end, and when it does the celebrations will be grand, and likely so will the outfits.

Damien Paul, head of menswear at Matchesfashion hinted that there is already evidence of people buying and planning their outfits for the post-Covid period: ““Investment bags have seen a huge surge in demand since December and are continuing through January including Brunello Cucinelli, Berluti, Bottega Veneta and Métier.”

Prada model in Milan photograph: Sipa/Rex/Shutterstock

The revival of well-known brands

Some loath the decline of high street stores, and pit online fashion giants as the villains in a narrative story of lost glory, but the harsh truth is that stores like Debenhams and Topshop have been in decline for years.

The recent purchases, by ASOS and Boohoo could mean a revival of these much loved British brands.

Arcadia’s decline came from Green’s inability to change with the times – with ASOS’s global reach, and a genuine knowledge of the demands of the industry in 2021, this is a chance for a serious revival for brands like Arcadia and Debenhams, and a last chance to get with the times.

For now, we’re still stuck inside – but people are still ready to shop and dress up – now we just need to be given the chance. I don’t know about you, but I’ll be wearing my finest fits to my local Sainsbury’s when Covid is a distant memory.

By Tiernan Phipps