As one of the biggest industries in the world, projected to rack up to $3.3 trillion by 2030, it’s surprising to learn that the way fashion operates today hasn’t changed that much in the past twenty years.
This is, in part, because it’s still easy to source low-cost manual labor in many countries and to outsource any pricey production costs. However, the rising concerns about fair wages, pollution, as well as the need to satisfy the hyper-connected consumers of today, have given way to new exciting technologies.
We do, indeed, live in the “insta-age” of technology. Customers have been trained to expect instant access to the latest trends as soon as they hit the catwalks, thanks to social media. Simultaneously, younger generations seeking to stand out from the crowd seek products that can be tailored to their specific needs and preferences. Furthermore,’mass-produced’ or ‘fast-fashion’ clothing appears to be losing favor.
As this trend continues, it becomes increasingly difficult for companies and brands to continue producing large quantities of apparel months in advance, with no guarantee of how well it will sell. In this fast-changing modern environment, those brands that pick up the pace and become more responsive to market needs will be the likely winners.
