Explore the State of Fashion 2024 report, uncovering 10 key trends shaping the industry’s landscape. Dive into insights, challenges, and growth opportunities.
In the ever-changing world of fashion, The Business of Fashion (Instagram) and McKinsey & Company (Instagram) present the eighth annual State of Fashion report for 2024, revealing an industry charting a course through uncertainty.
Here, we take a look at ten pivotal themes that promise to define the upcoming year, offering insights and growth opportunities.
Fragmented Future: Amidst unsettled global economic outlooks, the fashion industry navigates through diverse challenges. With differing headwinds in the US, Europe, and China, stakeholders must enhance contingency planning and strategic measures.
Climate Urgency: The climate crisis takes centre stage as extreme weather events increase vulnerability across the fashion value chain. Urgent actions are needed to build resilience into supply chains and mitigate emissions.
Vacation Mode: Anticipate a surge in travel as consumers gear up for a post-pandemic year. Aligning with shifting values, brands should refresh strategies to meet traveler expectations, blending shopping experiences seamlessly.
The New Face of Influence: Brand marketers must adapt to a new era of creative personalities gaining trust and fandom. Collaborating with influencers in 2024 requires unique partnerships, emphasizing video content and creative flexibility.
Outdoors Reinvented: Technical outdoor wear gains momentum post-pandemic, blurring lines between functionality and style. Expect lifestyle brands to embed technical elements, shaping a dynamic intersection of outdoor and casual wear.
Gen AI’s Creative Crossroad: Generative AI transforms creative industries, including fashion. Uncover the value of this transformative technology by exploring its potential to augment human creatives beyond automation.
Fast Fashion’s Power Plays: Fast-fashion rivalry intensifies with Shein and Temu changing tactics. Success for disruptors and incumbents hinges on adaptability to evolving consumer preferences and navigating regulatory shifts.
All Eyes on Brand: Brand marketing takes the spotlight as the industry shifts away from performance marketing. Consumers’ emotional connections with brands become critical, guiding fashion marketers toward long-term brand-building strategies.
Sustainability Rules: Fashion industry self-regulation on sustainability draws to a close globally. Brace for new rules impacting consumers and players alike. Brands must revamp business models to align with emerging changes.
Bullwhip Snaps Back: Consumer demand changes cause the “bullwhip effect,” pressuring fashion suppliers. Brands and retailers must focus on transparency and strategic partnerships to keep pace with renewed demand.
Dive deeper into the report here and uncover exclusive insights, challenges, and opportunities that define the State of Fashion 2024.
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