The Future of Fashion


Fashion is a term for clothing style. A person’s style is influenced by their culture, history, social status, and interests. It may also be a reflection of their individual personality and lifestyle.

Fashion evolves through a series of new trends, which often get popularised through media. Some trends become a staple in the fashion industry, while others fade away.

The fashion industry is a highly global business, with clothes manufactured in countries around the world and sold worldwide. It has a complex ecosystem that includes designers, manufacturers, retailers, logistics providers, and wholesalers.

Despite the industry’s global reach, the outlook for the year 2020 is bleak. The mood among respondents to our executive survey is sober across geographies and price points, and the pockets of optimism seen in North America and the luxury segment have steadily evaporated (Exhibit 1).

A coronavirus pandemic has upended financial markets and reshaped supply chains on multiple fronts, making it difficult for companies to maintain operations. The resulting chaos and disruption will have serious consequences for the industry, one of the world’s largest, with $2.5 trillion in global annual revenues before the pandemic.

What’s more, inflation and geopolitical concerns will have a significant impact on consumer demand. This will put pressure on brands to adjust their product lines, marketing strategies, in-store and digital shopping experiences, and pricing.

What this means is that there will be a need for innovation to drive growth and align with changing customer needs. It will also require decision makers to be careful about sustainability and digitization.

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