Fashion industry

Overview

Fashion is becoming slower and wiser. With demanding millennials and generation Z that are more focused on sustainability, circular economy and shopping experience, fashion is more technology mediated, both in shopping experience and buying online. Innovation comes from material novelty and shopping experience driven by tech.

Research based on following companies:

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Details

Socio-cultural trends

Generation of Millenials and Generation Z expect constant support and comfort
Consumers expect a consistent brand experience at all times
Growth of global middle class, rise in migration
Customers find increasingly more value in experiences rather than things, shop online, look for personalised products & solutions addressing their unique set of needs and often turn to the social media for fashion advice and styling tips
Consumer demand for richer experience and greater convenience means that retailers need to rethink their strategy, both online and in stores

Technological trends

With the development of e-commerce, AI, VR and 3D printing, retail is changing into interactive technological experience
Smart technology use in stores
Shopping experience driven by tech (drone delivery, virtual shopping walls, smart fitting rooms; Use of AI for shopping experience)
Fabric and material innovation - spray on clothes, 3D textile home or self made/grown
Digital innovation is shaping the role of retail with wearable tech
Consumer shift towards online retail - digital acceptance
AI enabled Forecasting / targeting marketing

Economical trends

Purchasing power of millennials and Gen Z, Silver Economy
Increasing per capita disposable income
Surge in Purchasing power in Asian Regions
Improved trade weighted index
Uncertainty and shifts in global economy

Environmental trends

Retail is challenged with sustainability goals, focusing on recycling, environmental policies and circular and renewable sources
Ethical and sustainable fashion
Sustainable Material Sourcing (Bio-degradable)
100% Circular and renewable value chain improvements
Circular economy principles are embedded throughout the value chain
Efficiency, transparency, mission orientation and genuine ethical upgrades

Political trends

Political shifts and instability influences the value chain and production cycle
Instabile geopolitical situation
Changing import and export regulations
Stricter governmental regulations on supply chain management
Using fashion to express political beliefs

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