The impact of the pandemic will not, however, be felt equally. North America and western Europe are expected to see sales decrease by 20 percent and 19 percent respectively, and Latin America is anticipating an even steeper annual decline of 22 percent, according to a new report by by Euromonitor.

By contrast Asia Pacific is the only region expected to grow by 40 percent between 2019 and 2024, with annual sales declining 14 percent in 2020. In fact, four Chinese companies — Anta, Semir Group, Li Ning and Bosideng — are the in top ten fastest growing companies in the world in the years 2019 to 2024.

Euromonitor also noted that consumers are increasingly expecting brands to take a “holistic approach” to sustainability that has a social, environmental and economic impact, with 31 percent of consumers worldwide saying they buy from brands that have a strong social and political focus.