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Global fashion industry is set to face a 3-4 per cent drop in 2020, says new report

Words by Olivia Hart

Bleak.

A dark mood has descended upon the fashion world and the buzz words are ‘anxiety’, ‘pessimism’ and ‘concern’.

After a relatively optimistic year, Business of Fashion (BoF) and The McKinsey Global Fashion Index has released a report that forecasts the global fashion industry growth will drop 3 to 4 per cent in 2020.

The pressure is on for brands to perform and fine-tune their customer base just to remain in the game.

With the first scoops on talent and resources going to the top 20 players such as Nike, adidas, Pandora and H&M who make up majority of the industry’s profit, smaller brands are at a high risk of falling behind. 

While the digital age has primed consumers to expect a quick and easy service it also opens up new opportunities for engagement.

By utilising social media strategies to create eye-catching posts and keeping up to date with new technologies that make the shopping experience seamless, brands may stand a chance in 2020.

BoF lists some other useful strategies to be: improving in-store experience, creating sustainable products, and championing important values such as diversity and inclusion.

 

businessoffashion.com

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