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The visit showcased sustainability, recycling, up-cycling, the evolution of products and the future of wardrobe

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The visit showcased sustainability, recycling, up-cycling, the evolution of products and the future of wardrobe

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-Sustainability and ethical fashion

-Quality over quantity

-Size inclusivity

-Gender inclusivity

-Metaverse fashion

-Virtual reality

-Second hand clothes

-Immersive experiences

-Localization (local manufacture) (craftmanshift)

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Group A: Luxury market and overall industry outlook

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Group A: Luxury market and overall industry outlook

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-The market is expected to grow annually by 4.04% according to (CAGR 2024-2029).

-A 2024 report by Bain & Company found that Gen Z consumers, or those born between 1997 and 2012, will account for nearly a third of luxury purchases by 2030, while millennials, born from 1981 to 1996, will make over half of luxury purchases.

-Despite economic challenges, the global luxury market is forecast to grow at an annual rate of around 6% to 8% over the next few years. This growth is driven by the expansion of affluent middle classes in emerging markets, digital innovation, and the ongoing focus on luxury experiences.

-The market's largest segment is the segment Luxury Watches & Jewelry with a market volume of US$157.60bn in 2024.

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Predict the five themes under the Fashion System for state of Fashion

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Predict the five themes under the Fashion System for state of Fashion

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Supply Chain:

-By 2025, many supply chains may shift from global flows of goods and services to national, regional, and local networks of buyers and suppliers.

-Over the next five years, McCleary predicts supply chain evolution will include the growing adoption of cutting-edge technologies—like artificial intelligence (AI) and machine learning (ML)

Technology:

-Brands will use 3D printing to quickly produce prototypes, custom clothing. This will reduce lead times, lower production costs, and enable more sustainable manufacturing practices by minimizing waste.

-Smart fabrics will be integrated with embedded sensors will be able to monitor body temperature, heart rate, or movement, providing both functional and health-related benefits.

-Some brands may even use AI to generate completely new designs based on historical fashion data and customer feedback.

-Gen AI’s Creative Crossroad.

After generative AI’s breakout year in 2023, use cases are emerging across creative industries, including fashion. Capturing the value of this transformative technology in 2024 will require fashion players to look beyond automation and explore its potential to augment the work of human creatives.

Marketing:

-By 2025, consumers will increasingly demand transparency and accountability from fashion brands, expecting them to uphold fair labour practices, sustainable sourcing, slow fashion and cruelty-free production methods.

Industry Challenges:

-Fast-fashion competition will likely become even fiercer in the year ahead. Challengers, led by Shein and Temu, are changing tactics around price, customer experience and speed. Success for disruptors and incumbents will likely hinge on their ability to adapt to evolving consumer preferences, while navigating regulations that may impact the industry.

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Identify 3 emerging trends of the fashion industry

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Identify 3 emerging trends of the fashion industry

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-Use history of fashion and sociological theories to interpret the results of your research

-It can be consumer behaviour, sustainability, new textiles, and materials but also technology and innovation.

-The focus should be on secondary research

(Each trend approx 600-700 words) (Introduction 200-250)

References should come from a combination of business and academic literature resources. Business of Fashion, Vogue Business, WGSN, McKinsey, Emerald insight and Taylor. and Frances (for articles).

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The "State of Fashion 2025" report by McKinsey & Company and The Business of Fashion outlines a challenging landscape for the global fashion industry, shaped by economic uncertainties, shifting consumer behaviors, and geopolitical tensions. Key insights include:

Sluggish Growth: The industry is expected to experience low single-digit revenue growth in 2025, mirroring the slowdown observed in 2024. Notably, for the first time since 2010 (excluding the pandemic period), the non-luxury segment is anticipated to drive the entirety of the increase in economic profit.

mckinsey.com

Executive Sentiment: A significant 80% of fashion executives foresee no improvement in industry conditions for 2025, with 39% anticipating a decline. The primary concerns include diminished consumer confidence and a reduced willingness to spend.

retailtimes.co.uk

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Value-Conscious Shopping: Economic pressures have heightened consumers' price sensitivity, leading to increased demand for value-for-money products. This trend is evident in the growing popularity of secondhand shopping and the acceptance of "dupe" culture, particularly among younger demographics.

retailtimes.co.uk

Sustainability Concerns: Despite escalating environmental challenges, only 18% of fashion executives rank sustainability as a top risk for 2025, a decrease from 29% in 2024. This decline is attributed to fragmented value chains and consumers' reluctance to pay premiums for sustainable products.

retailtimes.co.uk

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Artificial Intelligence (AI): To enhance the shopping experience and address issues like choice paralysis, brands are investing in AI-driven solutions. Approximately half of the surveyed fashion executives identify customer product discovery as the primary application for AI in 2025.

retailtimes.co.uk