The Fashion Industry - Industry Facts, Data & More 

Hello there! In the fashion industry, as you're likely aware, staying ahead of the curve is essential for success in any profession.

To achieve this, gaining insights into fashion trends and data from recent years can empower you to make informed decisions.

This blog post delves into some of the most present fashion trends and interesting data points. 

This information can help you maintain a competitive edge in today's rapidly changing market.

So, are you ready? Let's dive right in!

 

 

Textile Fashion in the Middle of Challenges 

Navigating through Challenges in the Textile Fashion Industry.

In recent years, the global fashion industry has faced a series of unprecedented challenges.

One such challenge was the COVID-19 pandemic, which hit us around the end of 2019.

Tragically, the virus severely impacted the health and working conditions of workers in production countries and dealt a heavy blow to global supply chains. 

Additionally, our planet is in a battle against the climate crisis, which remains an ever-present issue to this day and for the future.

It continues to be a growing concern for our future, exerting immense pressure on businesses and individuals to take meaningful action.

Amidst all this turmoil, a silver lining has emerged: the increasing demand for sustainable fashion.    

What is Sustainable Fashion?

In short, sustainable fashion means creating clothing using environmentally friendly materials and practices.

This can include using reused fabrics, organic cotton, or faux leather, too.

If you are a designer planning your next clothing line, here is a list of 31 sustainable materials.

Additionally, sustainable brands in the fashion industry often focus on making a small environmental impact.

Often such brands make efforts by reducing waste or water usage.

Furthermore, a common initiative is utilising sustainable materials. 

Sustainability is a growing trend, underlined by a recent report by McKinsey.

The report found the global market for sustainable fashion is expected to grow to $ USD 64 billion by 2023.

This is beyond exciting!  

How is the Market for Sustainable Fashion measured?

The growth of the sustainable fashion market is linked to several factors explained below. 

Firstly, it is influenced by increased consumer awareness of fashion's environmental impact. 

In addition to this, there is generally a growing demand for ethical products.

Do those consumers driving demand also care about choosing the 'right' products?

Alongside the traditional seasonal releases of clothing houses, we assume the fashion world remains curious.

Therefore, those fashion businesses taking sustainable initiatives also play a role in educating the market on new possibilities. 

There are several ways consumers can support the growth of sustainable fashion.  

Identify Sustainable Brands in the Fashion Industry

One way is to buy from brands that are committed to sustainability. 

There are a number of resources available to help consumers identify sustainable fashion brands.

We recommend digital tools to help improve your buying decisions, e.g. the Good on You app.

Additionally, if you look for credible resources and support, you should watch out for professional NGOs, chambers, and industry bodies in the fashion sector.

Such as the (SAC) Sustainable Apparel Coalition's Textile Exchange.

Sustainable Choices when Shopping ´New´ Clothes

Another way to support sustainable fashion is to make more sustainable choices when shopping for clothes (Norwich University of the Arts, 2023).

This could include buying secondhand clothes, renting clothes, or repairing clothes instead of buying new ones.

Consumers can also reduce their environmental impact by washing clothes less often and drying them on a clothesline instead of in the dryer. 

The rise of sustainable fashion is a positive trend that is helping to make the fashion industry more environmentally friendly.

By making more sustainable choices when shopping for clothes, consumers can help support this trend.

Therefore, buyers play a big role in creating a more sustainable future for the fashion industry. 

The Fashion Industry & Covid 

A significant portion of the world is subject to Covid-19-related limitations through 2020 and 2021. 

This crisis has presented unusual circumstances for the global fashion sector.

But, the sector is starting to stabilise again after nearly two years of upheaval. 

A select few well-known brands are matching and, in some cases, even exceeding their pre-pandemic performance. 

This should not be mistaken for a general return to form though. 

As the scars of the crisis persist, numerous businesses will continue to struggle to provide value and, in some circumstances, to survive. 

Sales growth is likely driven by the US and China, as Europe lags. 

On the other hand, consumption patterns will change over time, increasing domestic spending's importance. 

Many businesses will adjust their retail footprints in response.

Even though it's unclear if the behaviour changes brought on by the epidemic will last.

Which (Digital) Markets will outperform? 

Aside from the difficult impacts of the pandemic, megatrends have hurried in their development. 

Industry leaders make use of technological adaption, so what can the fashion industry take from it? 

Several companies will increase their efforts to promote sustainable technology, eco-friendly materials, and circular business models.

Blockchain, the underlying technology trend enabling digital "product passports," is one innovation that will help these projects. 

These have embedded data that can assist supply chain transparency, and assure authenticity.

Consequently, all of these are important advantages in the fight against counterfeiting. 

In 2022, businesses will continue to invest in digital innovation and test out novel methods of creativity and commerce. 

With certain businesses entering the digital "metaverse," digital assets like non-fungible tokens (NFTs), gaming "skins," and virtual clothing will become more widely accepted. 

Social commerce within apps will become more and more crucial to marketing and sales.

However, these opportunities will also increase the risk of cybercrime and data loss. 

Businesses need to put effort into building resilience in an increasingly dangerous digital ecosystem.  

Current Challenges for Businesses in Fashion

Nevertheless, given the complexity of the market situation, there are a few factors to consider. 

Firstly, Fashion brands may face the following challenges 

• Resource shortages,
• High shipping prices,
• Manufacturing delays,
• Logistical bottlenecks

These problems can overwhelm and cause input costs.

Additionally, rising input costs result in even greater supply and demand mismatches.  

References

McKinsey (2021). The State of Fashion 2022: In search of promise in perilous times | McKinsey. [online] McKinsey. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion.