Trends in fashion industry are changing faster than a toupee disappears in a hurricane! The consumers on a timely basis are wanting a level of freshness and an element of durability in their products as well as a unique shopping experience. Thus, to roar above the soaring tides of this dynamic industry, companies are building up their competencies in two disciplines:
Firstly, keeping up with the changes of the target market. A big factor is that the global population is ageing rapidly. The segment of consumers above the age of 55 is growing faster than any other – in terms of their market-share and spending as their quite cushioned with their savings and pensions. Secondly, migration is giving rise to various new customer profiles. Migrants in their country of choice are great target markets because of their eclectic and different preferences. Their skin colour, culture and lifestyles bring out their choice in clothes – this definitely stirs the pot for an array of choices.
Secondly, its sustainability. The fashion industry seems to function on a linear model when it comes to acquiring raw materials. They live on a “take, make, and dispose” functionality. However, as is becoming emphatically true, the one resource that the fashion industry heavily relies upon is fresh water. The processes of dyes and various treatments requires great amounts of water. To make a pair of jeans and t-shirt requires 20,000 litres according to the WWF. About 70 percent of the water requirements is in the agriculture of cotton, which is among fabrics with the highest environmental impact along with silk, wool and leather. Thus, one big solution to sustain into the next milleniumUnless, technologically, the industry advances to recyle garments more efficiently, current consumption levels aren’t sustainable.
As of 2017, the fashion is one of the world’s most important industries, driving a significant part of the global economy. In 2016, the industry was a staggering $2.4 trillion in value. If it were ranked alongside individual countries’ GDP, the global fashion industry would represent the world’s seventh largest economy. Fashion has acquired every sphere of consumers globally. Marketers have managed to captivate their potential consumers by painting a picture of esteem and vanity in following the current fashion trends poured out by them. Thus, they have realised the immense potential to yield business in this booming industry.