GoodFirms, universally renowned research, ratings, and reviews platform, recently released its latest survey report – Global Fashion Industry: Trends, Consumer Shifts, and Outlook. The report analyzes all the current trends, customer perception, industry competition, evolving concepts, key challenges, regulations, and technological innovations in the global fashion industry.
The research begins by analyzing how the global pandemic has forced the fashion industry to streamline operations while watching post-pandemic consumer behavior changes. Here, the study attempts to provide global fashion businesses, e-commerce businesses, and local fashion players with valuable insights regarding fashion trends, consumer shifts, and future outlooks.
GoodFirms’ research identifies the customers’ views about the current scenario of the fashion industry. Incorporating new methodologies, switching to new operational models, latest technologies, reworking marketing, etc., helps the fashion industry to meet the uncertainties and generate more income, says GoodFirms.
The study also reveals the top trends in the fashion industry; it includes the emerging role of digitalization, adjusting to the WFH aesthetics, adoption of D2C fashion brands, and recommerce.
GoodFirms research also highlights the top technological trends fostering the fashion world that are AI, AR/VR, metaverse, digital printing, blockchain, smart clothing embedded with sensors.
Cost, product quality, brand awareness, and ongoing discounts are the four prime influencing factors indicated by the surveyees.
62.5% are more concerned about the prices and wearability than fashion.
Further, the research discloses the significant challenges the fashion industry faces in 2022: achieving net zero emissions in fashion manufacturing, improving fashion buying experience, high competition, balancing physical stores and online venues, etc.
Moreover, the analysis also calls attention to the fashion industry’s future outlook, such as how various inventions and technologies will automate, personalize, and accelerate the fashion industry to build a more efficient, sustainable, and customer-focused sector.
50% of respondents indicated that the purchases made via analytics, and AI algorithms were beneficial, and they feel that more retailers should opt this practice.
GoodFirms concludes that the tremendous use of technology will be the most effective and productive in fashion manufacturing, distribution, or retailing. As futuristic consumers are more conscious about global issues, fashion businesses must commit to resolve issues like environmental impact and act in the best interest of all stakeholders.
Key Findings:
–The future of fashion is becoming online as more customers purchase via online stores/sites.
–42.5% say they closely follow the current fashion trends.
–80% of respondents prefer digital printing over traditional screen printing.
–42.5% of surveyees prefer personalized recommendations from online fashion brands.
–The industry is attempting to achieve net zero emission goals in fashion manufacturing.
–67.5% of surveyees reported that they would avoid a brand involved in violating environmental norms.
–42.5% of surveyees believe the fashion industry is damaging the environment.
–27.5% of people buy from fashion brands only when they know sustainable raw materials are used in manufacturing.
–35% of respondents prefer buying from brands that provide information about their green initiatives.
