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Written by: Peter Minkoff
The last few years have been surprisingly challenging for the fashion sector. From the abrupt closures and global setbacks caused by the 2020 pandemic to the constantly changing consumer behaviors, companies have experienced drastically fluctuating revenues. While the situation has not fully returned back to normal yet, some tendencies are starting to appear and become more prominent. With that in mind, here are some of the most significant trends that are expected to shape the fashion industry in the near future:
Continuing supply chain issues
Industries across the board have been experiencing supply chain issues since the beginning of the COVID-19 pandemic, and these problems will likely continue impacting the fashion sector moving forward. One effective way to combat this issue seems to be inventory management systems that can digitize processes, streamline ordering, and simplify shipping statuses and lead times. For all fashion brands that haven’t gone digital quite yet, now seems to be the perfect time. With the introduction of these systems, clear communication and transparency can be established between buyers and suppliers, thus overcoming certain supply chain problems.
The demand for domestic luxuries
In the past, luxury shopping and tourism were quite closely linked. But with travel restrictions and minimized global tourism, this type of shopping wasn’t necessarily possible over the last couple of years. As a result, shoppers have turned more towards domestic products, preferring local luxury brands over their global competitors. High-end companies now have an important choice to make. At the moment, it looks like marketing towards domestic consumers rather than international ones would be the best course of action. However, the relationship between shopping and travel is still dynamic, meaning that the situation might go back to normal as well.
The rise of professional fit outs
With the world slowly going back to normal and in-person shopping becoming more common, brands need to focus on their image and physical shopping experiences. In turn, expert shop fit outs are becoming more popular among fashion companies. With the help of professionals, companies can design and construct their stores in a way that perfectly demonstrates their brand while also ensuring a smooth and positive customer experience. This can aid in attracting and retaining consumers, along with highlighting the benefits of their physical shops.
Changing wardrobe preferences
While athleisure was a favorite category among consumers and fashion shows for several years, this is slowly changing as well. Investments are split between smaller impulse purchases and larger investments of a higher economic rank. These purchases are expected to set the trend for the months to come, meaning that fashion brands will need to adjust their tactics. Rather than focusing on new products or greater supplies, companies should leverage their e-commerce platforms and prioritize collecting the right data in an effort to adjust their offerings according to changing demands.
The importance of sustainability
Consumer demands for sustainability have been rising steadily over the last few years, and this trend is only expected to continue. As customers become more aware of negative environmental and social impacts relating to the production of clothing and accessories, they call for more transparency and harsher regulations in the fashion industry. As a result, brands are making efforts to use more eco-friendly materials and sustainable practices in order to meet this rising demand. Those fashion companies that are already green, however, are focusing more on honesty and transparency, making sure their environmentally friendly practices are clearly conveyed to consumers.
Evidently, the fashion industry is facing a unique combination of interesting opportunities and new challenges. Throughout 2023 and beyond, fashion brands must keep these tendencies in mind if they want to align with consumer needs and unlock new growth opportunities.
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