Photo on the left from Deshi Fashion Credit: Aziz Ahmed, On the right model Ayyan, Credit: Hocus Focus/Wikimedia
The desire for novelty and newness and preference for brands would not be the only factors shaping the fashion scene in 2018.
The expanding reach of consumers for variety via the Internet, the ensuing competition in the industry from e-commerce and tipping of sales volumes from the Western markets to Asian countries and other developing regions will also likely be key trends on the fashion horizon.
The Eastern and Western dresses for both men and women have been markedly distinctive for centuries. But lately there has been an amalgamation of the two, although it has not taken roots in local cultures, speaking of the power of diversity as well as vast scope for local fashion industries to grow and thrive.
Yet, the sweep of globalization – most profoundly manifest on social media platforms o is also something that cuts across boundaries and cultural barriers, giving rise to ever new experimentation and innovation in response to consumer demands.
According to FashionUnited the global apparel market is valued at $ 3 trillion, employing a massive labor force.
Last month, the State of Fashion report, crafted jointly by McKinsey&Company and the Business of Fashion, said the fashion industry is turning a corner and that there is there is a new sense of optimism for business in 2018.
The McKinsey Global Fashion Index forecast industry sales growth to nearly triple between 2016 and 2018, from 1.5 percent to between 3.5 to 4.5 percent, authors of the report say. ‘
Actress Priyanka Chopra Photo: http://www.bollywoodhungama.com / Wikimedia CommonsBut the jump in sales is uneven across the globe and the year 2017 marks the end of an era, the report finds.
“The West will no longer be the global stronghold for fashion sales. In 2018, an important tipping point will be reached when, for the first time, more than half of apparel and footwear sales will originate outside of Europe and North America, as the main sources of growth are emerging market countries across Asia-Pacific, Latin America and other regions.”
Fashion executives from the emerging markets are more optimistic about the industry’s outlook in 2018. But the trends also vary.
“This outlook varies across value segments too. The ongoing polarization of the industry with consumers trading up or down from mid-market price points continues to create headwinds for mid-priced fashion players while those operating in the luxury, value and discount segments further pick up speed. What is new is that the absolute luxury segment is accelerating alongside affordable luxury.”
An interesting finding of the report says the performance gap between front-runners and laggards continues to widen as “from 2005 to 2015 the top 20 percent of fashion companies contributed 100 percent of the economic profit, while in 2016 the top 20 percent contribution had increased to 144 percent.”
“We expect to see several themes emerge as defining features of 2018, from Asian fashion players asserting their power on the global stage to personalization at scale and cutting-edge deployment of artificial intelligence. For those leaning forward and willing to help design the new features of the modern fashion system, the opportunities at hand to truly connect with fashion consumers across the globe have never been greater.”
The full report is available at The State of Fashion 2018.
Clearly, the report’s findings have much to offer for the industry as it gears up to meet new demands in view of robust consumption and sales in emerging markets and the stiff competition among players for the top quality products as well as dynamics of the e-commerce that drive business trends at much faster speeds than ever before.
If, as per the report’s predictions, the industry grows, both local and international brands stand to gain from innovation and aggressive marketing.
