Consumer priorities and needs are rapidly changing. People are spending less overall on apparel, but are prioritizing and willing to invest in timeless essentials. The macro trends we were anticipating such as the consumer call for sustainability and a move away from seasonality have not changed but are accelerating in light of COVID-19. For your brand to survive and flourish during this tumultuous period you need to be flexible, know what your brand can offer to your target customers, and make changes as needed in tune with their needs.
The fashion industry was already in the process of transformation. As consumers demand more sustainable fashion and less waste, we recommend that you reevaluate your supply chains and pivot toward designing more timeless, focused collections. Current technology has dramatically changed the landscape for brands, from the use of data which gives them greater consumer insights, to e-commerce and social media shopping. We are also now seeing a surge in virtual technologies as brands find new ways to connect with consumers with virtual fashion shows and pop-up shops.
In the fashion industry we have a tremendous opportunity right now to innovate, to push ourselves into a more sustainable way of producing goods and to use exciting new technologies to get us there. This is the time to design more thoughtful products which add value, and to dedicate more resources to research and development.
With 114 billion garments sold last year, a change is needed. Where do you start?
Now more than ever, consumers are demanding transparency in how their garments are produced and looking at how their purchases impact the environment. They are buying fewer and better products from brands they trust. Building a sustainable brand is not the easy path to take. Although it’s a start, sustainability goes beyond what kind of fabric you are using. It takes time, research and dedication but you will build something that you can feel good about for the long haul.
Timeless / All Season Assortments
For the past couple of seasons, we have seen the seasonal lines blurred. To name a few; pastel and florals in the winter, plaids in the spring, leather year round. Depending on your brand around 60% of your assortment should be timeless and be able to be worn year round. You can make your core items feel new each season by showing your customer how to layer and wear them with your new offerings.