Factors Influencing The Global Fashion Industry In 2020
"Anxiety" and "worry" is the prevailing mood across the fashion industry for 2020. Global fashion industry growth expected to slow further as economic growth shrinks and competition intensifies. The below factors will influence the global fashion industry in 2020:
1. Modern Technology
2. Doubling down on digital
3. Fashion influencers
4. Recycling is now fashionable
5. Local will rule, not global
1. Modern Technology: Poorly trained, disinterested in-store stylists and shopping assistants will ultimately be replaced by computers and apps that will help you put together a look or complete a purchase. There are also whispers of stores going ‘smart’ with voice commands, as well as larger retailers using maps to navigate their floors and displays. This means there will be less human interface and personal interactions while doing shopping now.
2. Doubling down on digital: Due to Covid-19 epidemic the stores and malls have been shut, many brands will find operational costs soaring and profits hitting rock bottom. It will be a while before people will feel comfortable shopping in closed places, using common areas, elevators and escalators. Therefore, mostly all brands will need to go online or expand their online ranges to ensure their merchandise moves off the warehouse shelves. The ecommerce wave and live streaming will need to finally merge, making both online shopping and social connections interactive, experiential and in real time. Thus, the online fashion shopping and content have to become more engaging, immersive and social.
3. Fashion influencers: The pandemic is already forcing fashion influencers to adjust their content. Soon, there will be more real people as influencers, not celebrities, socialites or overly photo shopped and made up self-proclaimed fashionista. The online photos seem good to you because professionals make them look that way. That’s not possible with social distancing. Fashion related posts therefore would be more real, simple and down to earth. Fashion influencers are rethinking their curated aesthetics because they can’t leave their houses.
4. Recycling is now fashionable: To begin with, don’t expect new collections to change as frequently or be as extensive as they were. As the factories are shut the production deadlines will be missed. If you are obsessed with changing your looks, learn to mix, match and re use. It’s good to repeat your clothes, not just because it reduces your carbon footprint but also because it makes you spend less. The designers themselves are likely to make designs more basic and minimalistic. Thus, expect to see less bling and simpler clothing now.
5. Local will rule, not global: Imports have been hit and this may just be a good thing. As more local designers, brands and tailors you buy, endorse or use, the better it is for the country’s economy to revive faster. This may give a much-needed boost to homespun, small, medium, new or even large and established local brands. With localization, we are likely to see fewer mass-produced clothes and accessories. Local fabrics will be sought after and used extensively in the coming months and years.
Also Read: Luxury brand spend trend in 2020