Petra Ghicu of McKinsey & Company notes that Gen Z style consumers are motivated by lower price points, but sustainability is still a factor for consumers.
According to Gen Z, transgender style is becoming more and more popular because younger people are more likely to purchase vintage jeans and have them customized to fit their bodies. She sees this as a hybrid of recycling, reusing, and repair.
The problem for fashion purchasing executives is how to create and develop provincial certain strategies, she admits during her Fashion Industry Update program at the 38th World Fashion Convention. The fashion industry is currently experiencing a lot of uncertainty.
She philosophically asks,” How do you prepare for that without diluting your company?” because there are also two lines of client spending to argue with because some visitors have more or less disposable income than others.
She notes that having an exit edition of the brand as well as its unique full-price and high-end relative is the solution for some.
Ghicu asserts that the direct to consumer judgment is upon us because, for the last five years, it has been simple to offer a company directly to consumers online. However, is this an advantageous course of action going forward? She thinks that fashion brands should consider where they want to sell their goods, particularly since data privacy laws are making online marketing more costly and ineffective.
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Consumers still place a high priority on conservation, but she notes that they are becoming increasingly cautious, so fashion brands should think about how to let customers know about their economic initiatives.
With Ghicu noting that” We’ve seen a lot of international production- links, vertical integration and little batch production and digitalization,” future-proofing manufacturing is another important trend.
With digitalization becoming more significant than ever, she likewise combines operating effectiveness with sustainability and the capacity to sign said sustainability.
She cites Türkiye as a success story for how the EU is developing its online transformation roadmap, complete with product certifications, and online capability center. The US is trailing behind in terms of textile regulation.
Additionally, China, which continues to be the world’s largest clothing supplier, has announced waste-related laws, forcing it to invest in innovation in order to cut down on energy use and extra water use in the future fashion manufacturing process.
