Week 5 – Wednesday 9th of November
Behind every trend, there are drivers and innovators: those who push for the conception of the trend, and those who take up the trend first. In addition to the people behind the emergence of a trend, there is also societal factors behind trends.
3 Emerging Macro Trends:
- Eco Active
- Waste Not Want Not
- Contemplating Clothing
Introducing the PESTLE behind Sustainability:
In recent weeks, I have been focusing on sustainable fashion as a potential trend, after noticing a shift in consumer behaviour amongst certain key groups. Notably, the millennials and those in positions of power are those who seem to have championed this trend.
Finding out why a trend is emerging is often one of the more complex questions to answer, as we have learned in class.
Upon examination of macroeconomic indicators, which suggest that 2017 is due for a 2.5-3.5% growth (BoF-McKinsey Global Fashion Survey), as opposed to the volatility seen in 2016’s fashion industry. This is a significant economic driving force for many trends, as the challenges presented by the fall and subsequent slow comeback of the fashion industry begs the question – can we carry on in this manner?
The political landscape has also caused significant duress to the global economy, with issues such as the pending departure of the United Kingdom from the European Union (Brexit), the election of prominent and controversial businessman Donald Trump as President of the United States and the slowdown of Chinese consumption having a potential effect on the fashion industry in the future.
The biggest risk, given the current and forecasted future climate, is for companies to stand still amongst the chaos. This is where sustainability becomes an important tactic for large businesses who hold positions of influence. Creating a business model that ensures survival is paramount – think about how many brands have gone under because they weren’t able to adapt with the times.
So – in summary…
- Brexit – potential for loss of the European markets
- Rise of ‘Nativism’ – election of Donald Trump, who pushes policies that call for walls to be built.
- Volatile economic situation
- Slowed growth
- ‘Wellness’ trend which has been prevalent for many years
- Growing awareness of environmental impact of our actions
- Allowed the global industry that is fashion to become smaller, and share information easier.
- Has affected the way in which consumers interact with the world around them and also retail brands.
- Legal implications for companies found to be in breach of environmental laws and sustainability contracts.
- After oil, the fashion industry is the second largest polluter in the world – and consumers are increasingly aware of this.
WGSN, (2016). Does anyone really care about sustainable clothing?. [online] WGSN Insider. Available at: https://www.wgsn.com/blogs/does-anyone-really-care-about-sustainable-clothing/ [Accessed 9 Nov. 2016].
The Business of Fashion. (2016). 10 Trends That Will Define the Fashion Agenda in 2017. [online] Available at: https://www.businessoffashion.com/articles/intelligence/10-fashion-trends-define-agenda-2017 [Accessed 9 Nov. 2016].
Sherman, L. (2016). Rethinking the Fashion System. [online] The Business of Fashion. Available at: https://www.businessoffashion.com/articles/voices/the-new-fashion-system-see-now-buy-now [Accessed 4 Dec. 2016].
North Patterson, R. (2016). The GOP Reaps The Whirlwind: Racism, Nativism, Xenophobia — And Donald Trump. [online] The Huffington Post. Available at: http://www.huffingtonpost.com/richard-north-patterson/the-gop-reaps-the-whirlwi_b_10718800.html [Accessed 7 Dec. 2016].