After the reckoning of 2020, 2021 will be one of awakening—a time to look at possibilities, not just problems. Fashion businesses must awaken to a more challenging economic climate and shifting consumer preferences and changes in the fashion industry. Fashion has long been renowned for pushing the boundaries. Style is looking to the future with fresh trends and concepts. In the following years, the fashion industry will witness massive levels of innovation as new technologies, shifting consumer trends, and expectations change the sector.
Here are some developments to look out for in the fashion industry in the future:
It’s a Battle for Data and Information
Consumers used to wear anything designers produced. These days, fashion companies utilize data to analyze consumer preferences, track their purchasing activity, and develop goods that suit their requirements. The destiny of fashion is data-driven: by using data on consumer patterns, businesses can design items that customers are most likely to buy. This is keen fashion brands should invest in brand tracking tools to study and transform their marketing strategies.
Data is used by many shops and companies, like Miu Miu and Stitch Fix, to forecast the fall and rise of fads. The advantages of utilizing data in fashion are many, ranging from just creating items that customers would wear to decreasing waste and linking the appropriate consumers with products they will love. Data also enables brands to operate more effectively, allowing them to develop and regulate market forces.
Fashion forecasting has always been considered an art form, but with data analytics, it is becoming more of a science. This data includes algorithms. Amazon is working on a machine learning model that will automatically determine if an item is “fashionable” or not. Google is experimenting with user-driven AI fashion design, which uses algorithms to generate new things and trends. Data of all sorts will be woven into every element of fashion shortly.
A Look Into Sustainability
Fashion has long been one of the most significant contributors to pollution and global warming, owing to irresponsible and non-eco-friendly manufacturing practices. However, the tide is turning, and companies are shifting to more sustainable materials and production processes.
Fast fashion, which was famous for its ability to swiftly and cheaply replicate runway styles, gives way to slow types that are much more eco-friendly and intended to endure longer.
Customers are looking for companies that care about the environment, and almost half of the fast-fashion merchants have noticed a recent drop in client purchases.
According to research, 88 percent of customers want businesses to assist them to be more ecologically responsible. Even with its advances, fashion still has a long way to go. Fashion production contributes 10% of global carbon emissions, more than airline routes and marine transportation combined. A rising number of ecological fashion companies are emerging, and their forward-thinking methods are becoming more prevalent among retailers. Levi’s recently revealed a new denim line that consumes 96 percent less water to manufacture—a significant victory for apparel, which is infamous for using much water to generate.
Pre-owned goods purchases are also on the increase. By 2024, the secondhand market is projected to be worth $64 billion. Even while other types of fashion buying see a Covid downturn, online secondary purchasing intends to increase rapidly. With more customers seeking to buy previously worn goods, fashion companies must develop long-lasting pieces that can be passed down from one owner to the next.
Simplicity is Key
Fashion is simpler, both in terms of aesthetics and delivery, owing mainly to Covid-19 developments. Several fashion companies used to produce eight collections each year. Consequently, the fashion show calendar became congested, and products began to appear in shops months before consumers were good enough to wear them, such as swimwear in February and winter clothing in August.
The current fashion trend is to have two collections each year: spring/summer and fall/winter. By producing items when consumers will be buying for them, the streamlined method puts consumers first.
Fashion simplification also saves time and money. Streamline collections minimize waste and the quantity of clothing created instead of passing through items so fast and needing to develop a new range, advertising campaign, and runway show every six weeks.
New trends will also become more streamlined. With many individuals working from home and social distance expected to increase in the following years, fashion companies have toned down their style in favor of comfy sleepwear and apparel that suits resting and living. Fashion will most likely remain basic and comfortable even after the epidemic.
Customers will be at the center of the fashion industry’s future, emphasizing providing a groundbreaking perspective. The business is constantly changing, but future developments will result in a more ecological, customer-centric, and efficient sector.