As more consumers demand products and services to meet their specific needs, companies are racing to build bespoke offerings lest risk being left behind. As tech advances, industries are rushing headlong into the new market for personalisation, in some cases without understanding the motivations of the clients they are trying to satisfy. Euromonitor’s megatrends series will examine these Personalisation Seekers to determine where this concept is heading and who will drive demand moving forward.
AI is a top investment priority for 56% of industry respondents globally, and the adoption of digital technologies throughout fashion supply chains remains a priority today, as it allows for long-term gains, including shortening the “last mile” to circumvent production and transportation disruptions. But could it also enable the shift to an on-demand model?
Hybrid working policies and the greater acceptance of remote working are further fuelling the casualisation of dress codes and widely contribute to the popularity of Athleisure.
From incorporating low-carbon fibres into the manufacturing process, to responsible sourcing, to labelling and marketing claims, and to giving back to production hubs, personal accessories has major challenges ahead as sustainability takes centre stage globally.
Not only is sustainability now at the forefront of consumers’ minds, but regulation holding fashion brands accountable for their environmental impact and social practices is coming, led by the EU from the design stage to disposal. Despite grey areas, the EU strategy could reverberate through global value chains, as international brands willing to continue selling in the EU will have to set up their operations to comply.
Although sportswear continued to outperform overall apparel and footwear, 2022 results and the challenging environment ahead suggest more moderate growth over the next five years. In this scenario, consumers’ greater focus on health and wellness has special relevance for sportswear, given the close relation between sports and health.