Here are some key points to keep in mind:
• 80% of industry leaders expect no improvement in the global fashion industry.
• Consumer confidence and willingness to buy are the biggest concerns for the coming year.
• New opportunities exist for brands that quickly adapt to changes.
Some trends to watch:
• Increased focus on value for money and affordable options
• The importance of an improved in-store experience
• The potential of the growing “Silver Generation” (50+)
• AI-driven product discovery in e-commerce
Read the full report from McKinsey & Company here.