Jordan Atkinson hadn’t walked into a suit store in over two years, but now he’s back, along with millions of other workers around the world in a massive return to the office.
Key points:
- Costume sales are on the rise with a massive return to work after two years of confinement
- Superfine wool producers say prices have doubled in recent months
- US imports of suits and wool are up 97% since the low of the pandemic
This means that the demand for superfine wool for making high-end suits is on the rise, with some slight adjustments to the waistline.
“I’m really excited to be back in the office and collaborating with teams, having lunch as a team, and not sitting in front of a Zoom call for eight hours a day. I’m really excited.”
And retailers too.
Menswear maker Peter Jackson said sales have increased 60% since the peak of the pandemic.
Michael Osher has worked in the industry for more than 40 years and said he has noticed workplaces quickly coming back to life.
“There are quite a few people now. You can tell when you’re on the train. You have a lot of people who can’t sit down,” Mr Osher said.
Costumes are making a comeback
Over 80% of Australian wool is cleaned and processed in China before being sent around the world to countries such as the United States and Japan.
Rabobank agricultural analyst Dennis Voznesenski said U.S. imports of suits and wool fell about 70-80% during pandemic lows, but have picked up.
“But it’s important to note that we’re still about 11% below pre-pandemic levels, so we’re recovering. But not fully yet.”
The benefits are felt throughout the supply chain.
Central Victoria farmer Jeremy Phillips and his family produce the superfine wool used in high-end suits.
“I have to admit that I was somewhat surprised because everyone obviously thought that with COVID things fell apart for a short time,” he said.
The price of their wool has recently doubled.
“You spend your whole life working and it’s really good to get rewards for sure,” Mr. Phillips said.
His 19-year-old daughter, Hannah, also helps on the farm.
Costume retailers can expect customers to return over the next few months.
“I have to go to a wedding in Newcastle in June, and I will need another suit for that,” Mr Atkinson said.
