4 trends that will define the fashion market in 2024
Fashion Trends 2024
The 1.7 trillion USD behemoth that is the fashion industry has had a stellar 2022, as well as a solid 2023 despite heightening challenges. As 2024 reigns in, the landscape isn’t looking certain, with McKinsey and BOF highlighting the word ‘uncertainty’ when describing the upcoming year. Here are the trends that will be key for fashion in 2024 from The State of Fashion 2024 Report.
Discovering new waters
As the data shows, 62 percent of executives name geopolitical instability as the top risk to growth, with economic volatility coming in second (55 percent), followed by inflation (51 percent). And although 26 percent of the respondents expect conditions to improve YoY, 37 percent believe they will remain the same, and 38 percent expect them to worsen.
While the report recommends opting for a contingency plan, now is the time for the fashion industry to take a leap of faith. Despite the uncertainty surrounding the geopolitical, climate, and economic conditions, difficult times often push brands to find new revenue streams and explore their opportunities. This means reaching a new, wider audience (for instance, Gen Z) and building products with emerging tech (think web3). Most major legacy fashion houses, from Louis Vuitton to Miu Miu, have already followed suit.
GenAI & other innovation
Speaking of technologies, there hasn’t been a single industry that wasn’t disrupted by artificial intelligence. With ChatGPT making a big wave after its launch in October 2022, businesses across different verticals began to embrace and integrate the tech into their traditional processes. According to Statista, the global artificial intelligence in the fashion industry is expected to be 4.4 billion USD by 2027. Another report shows that 73 percent of fashion executives said generative AI will be a priority for their businesses in the coming year.
Unconventional use cases include Heuritech, which utilizes AI to analyze social media and thus forecast fashion trends.
“Fast fashion” becomes even faster
McKinsey and BOF expect fast fashion to be “fiercer” than ever, with Shein and Temu leading the front. Originally, fast fashion was introduced by brands like Zara and H&M. The second wave came in the 2010s, when companies such as Asos brought fast fashion to the internet. Then came powerhouses like Shein and Temu which completely changed the playing field, betting on even faster speed and jaw-dropping proces.
As Quartz writes, when Zara was introducing around 20 new styles a day on average, and Boohoo was doing almost 50, Shein was pumping out over 860 new items in 2022. Now, it’s anywhere from 2,000 to 10,000 – yes, you read that correctly – every single day. And the numbers will continue to escalate.
Sustainability
Of course, fast fashion and the overall growing consumer demand have had a detrimental effect on the global climate. With increasing concern over the climate conditions, many are opting for sustainable fashion. Whether that be recycling old fabric or supporting second-hand and vintage shopping, members of the fashion community are becoming more aware of the ethics behind the industry too. This also pushes brands to re-invent and create more sustainable business models.
The new year will see more change and innovation in this field.
Author: Anouk Dyussembayeva