The luxury fashion industry is expected to continue growing in the coming years, with McKinsey projecting the growth expectancy between 5-10% in 2023. As consumers become more globally connected and informed, they are likely to seek out unique and exclusive luxury experiences, driving demand for luxury fashion products and services. So what can we expect for 2023?
One trend that is likely to continue in 2023 is the focus on sustainability. As consumers have become increasingly aware of the environmental impact of fast fashion, they are likely to demand more sustainable and eco-friendly options from fashion brands. I believe we’ll see an uprise in the use of sustainable materials such as organic cotton, linen, and hemp, as well as more brands adopting sustainable manufacturing practices, such as reducing water consumption and using renewable energy sources.
Another trend that is likely to continue in 2023 is the rise of the "resale" market. With the growth of the circular economy and the rise of the sharing economy, consumers are becoming more conscious of their consumption habits, and more willing to buy second-hand clothing. As a result, resale and vintage fashion will become increasingly popular, as people tend to be more inclined to invest in pieces that are unique and hold a special meaning. The rental and sharing models can also help reducing the environmental footprint and waste associated with fashion consumption.
A potential shift we’ll continue to see is the embrace of gender-neutral clothing, reflecting the growing acceptance of gender fluidity and the desire for people to be able to express themselves freely, regardless of gender identity.
No matter where 2023 will take us fashion wise, it promises to be an interesting one.
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