what will stimulate fashion in 2024

The long-awaited report The State of Fashion 2024 revealed on Wednesday the main data to take into account for next year. The resilient fashion sector is expected to see its retail sales (excluding luxury) increase by between 2 and 4% in 2024. Despite this apparent stability, its professionals should expect a strategically difficult year.

The increase in international travel

In 2024, the number of international flights is expected to exceed pre-pandemic levels (+10% compared to 2019). This increase presents many opportunities for the fashion industry, especially as shopping is often a priority when traveling.

According to the report, 80% of shoppers surveyed in the US, UK and China plan to purchase fashion items during the holidays and 28% expect to spend more on fashion purchases while traveling than last year.

Furthermore, second-tier cities must attract the attention of travelers, thus inviting brands to invest in less touristy locations than large metropolises.

Multiplication of meteorological disasters

The increase in extreme weather conditions in textile producing countries will increasingly impact the production chain (read our article on the subjectt). This fact, already revealed in September by a study by Cornell University and investment manager Schroders, is highlighted in the report prepared by McKinsey and the media outlet The Business of Fashion (BoF): “In 2030, extreme weather conditions could affect 65 billion dollars worth of clothing. exports.”

The State of Fashion 2024 highlights the frequency and extreme severity of climate-related disasters in 2023. In this context, inaction is no longer an option for the fashion industry. The sector must not rest on its laurels and will have to face the challenges posed by climate change. Especially since one million jobs will be at risk by 2030.

For all industries worldwide, “90% of exported goods depend on maritime transport and approximately $122 billion of economic activity in ports is exposed to disruptions caused by extreme weather events”, the report says.

Initiatives like The European Fashion Alliance therefore, they have a crucial role to play in helping the fashion industry reduce its environmental impact. Provided, of course, that the allegations are followed by concrete actions.

Two facts to remember:

• 67 percent of cotton exports are already heavily affected by climate change-related weather disasters (and 52 percent of apparel exports)

• China and India are the two countries most affected by climate disasters linked to climate change

Pillar of growth: artificial intelligence

New applications arising from artificial intelligence (AI) offer countless opportunities in product design and development. McKinsey research reports that fashion industry executives see AI as an important source of growth: approximately 73% of executives plan to prioritize AI by 2024.

However, only 5% of respondents say they are ready to make the most of this technology. This number reveals a significant talent shortage in the AI ​​field. Training and recruitment in this area therefore represent challenges for next year.

Influencer Marketing

The influencer marketing sector is currently worth 21.1 billion dollars (23 billion euros). Although its weight remains significant, changes are expected. In fact, consumers are showing signs of “influencer fatigue”: 68% of respondents are not satisfied with the amount of sponsored content on social platforms and 65% trust influencers less than in previous years.

In 2024, the focus will be on influencers considered authentic and still distracting. Your celebrity status will be less important, as will your fashion knowledge.

The “tranquil outdoors”

Already popular, outdoor clothing is expected to see greater demand in 2024. The gorpcore trend – functional or technical clothing with a fashion twist – will continue. And this affects both luxury brands and fast fashion brands like Oysho or H&M.

Note: the birth of the “quiet outdoor”, inspired by the “quiet luxury” trend. This new aesthetic is leading brands to rethink their outdoor line with less flashy tones, more minimalist details without forgetting the technical aspect of noble and innovative materials.

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