The McKinsey and Oxford Economics reports on fashion scenarios in 2021 draw some trends based on the performance of the travel industry and international tourism, which is expected to return to pre-pandemic levels only between 2023 and 2024. Even before the health emergency , excessive stocks of the fashion industry and widespread discounts meant that only 60% of the garments were sold at full price. The pandemic has worsened the problem of inventories and companies will have to adapt to the new mindset of consumers “less is more”, which includes a preference for longer-lasting, higher quality goods and sustainable products. Fashion executives are already responding by reducing inventory items, better analyzing customer information, reducing product development time and moving away from the seasonal fashion calendar.
Discover Michele Franzese Moda’s world and subscribe to the newsletter: many opportunities and extra discounts for you: