The Fashion Market Research of 2019
The market in fashion is ever-changing and ever-growing. And for every business to be successful, its always important to be updated with the latest fashion trends, survey the fashion market and also what’s happening across the world, be it what the products are, change in sale services, or even the process of work that you do. Doing a thorough fashion market research improves the way you work and helps your business to be an appropriate contender amongst others.
According to recent studies and reports, and informational pieces by I Knock fashion as well, 2018 has been a year of reckoning, a time for looking at opportunities and not just challenges. 2019, on the other hand has been a year of awakening for many brands and companies. Fashion companies have to wake up not only to the tougher economic environment but also to changing consumer trends, latest in fashion and shifts in the fashion system.
McKinsey’s trends and IKF consumer and brand insights indicate, new markets, new technologies, fashion market research and shifting consumer needs present opportunities but also risks. They predict that continuing 2019 will be a year shaped by consumer shifts linked to technology, social causes, and trust issues alongside the potential disruption from geopolitical and macroeconomic events. Only those brands that accurately reflect the zeitgeist or have the courage to self-disrupt will emerge as winners. Here, we’ll also be exploring the major and latest trends in fashion affecting the companies this year:
Indian Ascent: India has become the main focus in the fashion industry of today, which has also been reflecting the increasing growth of the middle class and the powerful manufacturing sector. The combined sector with strong economic fundamentals along with rapid growth in technological advancement make it highly unlikely for a country like India to be ignored by international brands.
End of ownership: Businesses are shifting to new ownership models because of the fact that consumer desires are more inclined towards sustainability, affordability and eco-conscious efforts as stated by recent fashion market survey. Studies also suggest that the resale market can be bigger than the fast fashion market within the next decade. Also, start-ups will not be the only businesses making their way towards these growing sectors. Reputed and established fashion brands are likely to accept these new ownership models to accelerate their pace to further their relevance to customers.
Getting woke: Younger consumers are seriously concerned with social and environmental causes, which many regard as the defining issues of our time. They increasingly back their beliefs with their shopping habits, favouring brands that are aligned with their values and avoiding those that aren’t.
There are a couple more on McKinsey’s list apart from these, like the rapid growth of consumer psyche in terms of speed and efficiency, radical and complete transparency of brands, constant innovation being the key, cross-border trade and more. A portal like I Knock Fashion lets you keep yourself updated with the how's and why's of forecasting in fashion, increasing demands of consumers, fashion market research and survey and fashion marketing that is beneficial for companies.
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