With rising awareness of poor macroeconomic and geopolitical conditions, the fashion industry is feeling the effects. Consumerism is down, prices are high, and people are thrifting their clothes more. Looking ahead to 2023, the drivers contributing to a broad state of global fragility are top of mind for fashion executives, and they are prepared to change with the trends.
Markets that once showed solid growth potential are now facing a wider range of risks than they once did, ranging from extreme weather conditions to political or social unrest. Fashion companies now must rethink the ways of their operations to stay successful. While a scary time for businesses, it is an exciting time for consumers. Everything is up for change, including organizational structures and the introduction of new roles and ways of distributing. Most companies will need to make the eco-friendly switch to their operations if they want to keep up their business. More and more people are trying to reduce waste and choose environmentally friendly alternatives, which means the fashion industry has to as well.
With the state of the economy, lower-income households will likely cut back or even eliminate discretionary spending, including apparel. This is another worry for the fashion industry. Fashion brands will need careful planning to navigate the many uncertainties and recessionary risks that lie ahead this year. This includes where the brands are going to invest to sell. With so much global uncertainty, this is a challenge for marketers right now. Another shift in the industry this year is an increase in gender-fluid fashion. There is a rising market for clothes that can be worn by anyone. Gender-fluid fashion is gaining greater traction amid changing consumer attitudes toward gender identity and expression. For many brands and retailers, the blurring of the lines between menswear and womenswear will require rethinking their product designs, marketing, and in-store and digital shopping experiences. There are big changes coming for the fashion world this year.T