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Trends that will define the fashion agenda in 2018

"The McKinsey Global Fashion Index estimates the global fashion industry sales to grow by 3.5 to 4.5 per cent in 2018. But this growth is not spread evenly across all regions or segments. Economic growth is shifting from mature regions in the West to emerging markets in the South and East. As per the McKinsey FashionScope, by 2018 over half of apparel and footwear sales will originate outside of Europe and North America. Rapidly growing cities in emerging markets are particularly important growth centres for the fashion industry."

 

 

Trends that will define the fashion agenda

 

The McKinsey Global Fashion Index estimates the global fashion industry sales to grow by 3.5 to 4.5 per cent in 2018. But this growth is not spread evenly across all regions or segments. Economic growth is shifting from mature regions in the West to emerging markets in the South and East. As per the McKinsey FashionScope, by 2018 over half of apparel and footwear sales will originate outside of Europe and North America. Rapidly growing cities in emerging markets are particularly important growth centres for the fashion industry.

Trends that will define the fashion agenda in 2018

 

Adoption of disruptive technologies such as advanced robotics, mobile internet, advanced analytics, virtual- and augmented reality and artificial intelligence is accelerating, with the potential to disrupt entire industries, including fashion.

Online sales of apparel and footwear is projected to grow rapidly not the least in emerging markets. On average, consumers in Southeast Asia spend about eight hours a day online; from social media to video streaming and shopping amongst other things.

With information and the ease of comparison at their fingertips consumers are becoming less brand loyal: among millennials, two-thirds say they are willing to switch brands for a discount of 30 per cent or more.

Top 10 Trends: 1. Predictably unpredictable: Geopolitical turmoil, economic uncertainty and unpredictability are the new normal. 2. Globalisation reboot: A new phase of globalisation characterised by the exponential growth of cross-border bandwidth, connectivity and digital data flows will alter the global playing field and give certain players a competitive edge. 3. Asian trailblazers: Asian players will assert their power and leadership even more through pioneering innovations and global-scale investment and expansion. 4. Getting personal: Personalisation will become more important to the customer. 5. Platforms first: Consumers will increasingly look to online platforms as the first point of search, attracted by their convenience, relevance and breadth of offering. 6. Mobile obsessed: With an overabundance of mobile payment solutions already available globally, consumers will expect fashion companies to cater to increasingly convenient mobile transactions. 7. AI gets real: Leading innovators will reveal the possibilities of artificial intelligence across all parts of the fashion value chain, blurring the line between technology and creativity. 8. Sustainability credibility: More fashion brands will plan for recyclability and genuine ethical upgrades. 9. Off-price deception: As Europe and Asia get hooked on the myth of an off-price ‘panacea,’ the fashion industry could be put at risk of margin erosion. 10. Startup thinking: A growing number of fashion companies will aim to emulate the qualities of startups such as agility, collaboration and openness along with new ways of working, new kinds of partnerships and new investment models.

 
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