Usually when talking about trends in fashion, they think about Locke. What color will star in the next season, what horror silhouette from the seventies will return to the shelves or what lunatic meshigana will replace the beards which conquered every male cheek and caused Gillette to shave 6% of the sales? BOF and the McKinsey consulting firm have decided to redefine fashion trends and have released a comprehensive business study on the world situation.
It turns out that 2016 was one of the most difficult years that the industry had, and the old wise men have noted three main characteristics:
Uncertainty, change and challenge. The consumer culture of discounts has led to the fact that in the United States and Canada, the number of discount stores was higher than the number of stores that sell full-price products. Consumers have moved away from stores and prefer digital platforms, as the ability to cut product costs. Most of the chain stores focus on cutting jobs and closing stores.
The hot trends for 2017 as suggested by the study are as follows (accompanied by a slight interpretation):
Volatility – Uncertainty is the new normal. Global changes, delusional politics, and faltering trade will increase the sense of instability and affect the consumer and economic mood in a manner that ensures the sales of Prozac medicines.
Urbanism is growing – Urban convergence and local patriotism, “Trump-type” growth, of a new layer of rich cities, is strong and push the feet of the less wealthy residents, and of course, will have implications for the evolution of fashion.
Not suckers? – Discounts and sales are the standard. The person who pays for this psychological game is, of course, the customer. However the brands will have to work much harder to meet the demands of 24/7 connected consumers, who are more sophisticated than ever, completely unpredictable, and know exactly what happens on each site.
Tribal Fire – Brands have the opportunity to sharpen the range of customers, find new ways to communicate with them, and appeal to the millennial generation as well as their parents. Age is less important. Consumers were divided into tribes according to their lifestyle, areas of interest, and taste. In a world of supply excess and measured consumption, their decision of where to purchase will decide their fate.
Grow from the inside – The brands will invest much more in cultivating and deepening ties with existing consumers, rather than expanding the geographic range and retail chains. The community is the power.
Technology dominates – Digital innovation is the name of the game. In relations with customers, in the supply chain, and in adapting the product to the demand of the consumer market.
Who is the owner? – The fashion house companies are reassessing their brands and are expected to reduce their portfolio and focus on the strong and leading ones. This move will create space for various ownership structures, such as private investors or family maintenance.
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