Reassessing Optimism
Informa Markets Fashion with the Business Of Fashion today held its annual live digital session today to address the gains fashion is seeing so far here in 2022, “The State of Fashion 2022: Global Gains Mask Recovery Pains” reveal that this year will not see exuberant growth like originally forecasted, growth has been adversely impacted by the COVID19 pandemic, supply chain issues, the war in Ukraine, Russian sanctions, and cautious spending by both consumer and brand alike.
Growth instead will take place in patches of varying areas of the fashion industry depending on need by brand and consumer, plus new interests by consumers such as home fashions still dominating the landscape, moments of escapism, and planning for occasional attire once again due to consumers wanting a 100 percent return to normal, which now sets its sights on 2023.
Sustainability grows larger since supply chain issues continue to produce historic shortages in goods, with brands contemplating, if not making a snap decision on near-sourcing where brands produce their goods closer to shore in neighboring countries like Latin America, or even here in the United States to produce and ship goods out faster to their customer-base.
Digital fashion such as virtual fittings, 3D printing, avatars, and NFT’s are seeing unprecedented growth in fashion as a whole, unleashing new monetary opportunities for brands to connect to their consumer when sizing them for their collections, it’s not just about fitting the blouse on your body, it too is about pricing your NFT of your digital creation as a hot commodity for one to trade and monetize off of, fantasy such as gaming play big in this NFT revolution.
There’s nothing more powerful than supplying information to your consumer base about your product, and about your mission not only for brand to keep their consumer, but for your brand to inform your consumer about your plan for a future in both the digital realm and sustainability to protect our environment that keeps everyday business going, well beyond COVID and after effects one day hopefully soon.
The United States and Europe have seen the slowest growth so far in the fashion industry in search of getting back to 2019 pre-pandemic levels, and even rising about the worse growth seen in 2016 when the call for upheaval in the business of fashion was placed.
It is only China, who relies far less on imports and exports for their sourcing, and goods in the fashion industry, and focusing more on producing their own goods right on their shores, that has seen the biggest growth during the COVID19 pandemic, it’s also because China’s travel restrictions are so tough, that Chinese consumers are spending their money on shore, not outside of it.