Despite the challenges of her raw material costs, bigger fuel and shipping costs, increasing inflation, the war in Ukraine, and a cost-of-living crisis that is having a negative effect on consumer spending – the global state of fashion in 2023 will witness relative growth.Figure 1: The global state of fashion in 2023 will witness relative growth. Courtesy: Collected.A recently published report by McKinsey’s ‘The State of Fashion 2023: Holding onto growth as global clouds gather,’ stated that the

In the next six months, global consumers are planning to reduce their spending in luxury or premium products across a variety of retail categories, including fashion, which is forecast to see a 41 per cent decrease in spending, according to the 2023 PwC Global Consumer Insights Pulse Survey. However, there still remains an appetite for future spend, with 40 per cent consumers indicating they will look to treat oneself or others.As the cost of living crisis continues to rise globally, consumers h

China’s personal luxury sales contracted 10 per cent year-over-year (YoY) in 2022, as per a new report from Bain & Company. The country's five-year run of steady growth came to an end due to the impact of COVID-19 lockdowns and declining consumer sentiment. However, positive conditions are expected to return before the end of the first quarter of 2023.Online penetration played a significant role in how different luxury categories were impacted. Jewellery and leather goods sales showed th

American sportswear brand Nike and luxury jeweller Tiffany & Co have come together to introduce a pair of limited edition shoes—the Tiffany Nike sneakers. Crafted in black leather and featuring sterling silver adornments at the heels, the new Nike Air Force 1 (AF1) Low sneakers will sport Nike’s signature swoosh logo in Tiffany blue—set to be released on March 7, 2023.The Tiffany Nike sneakers will come in a Tiffany & Co box and dust bag as shown in an Instagram post by Nike. The public

Prasenjit Tito Chowdhury shared his 10 forecasts regarding fashion industry in 2023.2023 will be a Fashion Bonanza: Recession and inflation concerns will dampen net growth potential. However, 2023 being the first full year post-pandemic consumers, not just luxury clientele who already have been into enhanced shopping last year, will be celebrating life in every aspect, fashion shopping, experimenting with new trends, going out dressed up more, etc. If the economy dampens too much, it will impact

Hybrid shopping has become a conscious choice of fashion consumers after the lifting of COVID-19 restrictions, according to an 18-month, four-stage survey in the US, the UK, and Germany by Boston-based firm EPAM Continuum. The survey also revealed that consumers aspired to buy sustainable fashion products, but affordability was still the preference.Many shoppers said they were increasingly conscious of brands’ claims around sustainability and said they would often look for more sustainable optio

The Better Buying Institute (BBI) has published a special report that analyses the available research, and confirms a link between purchasing practices and non-compliance and human rights violations. The findings reveal that buyer purchasing practices have the most known impacts on non-compliances related to working time, workers’ contracts, and workers’ compensation.The German Act on Corporate Due Diligence, which came into force on January 1, outlines companies’ obligations for engaging with k

British luxury fashion house Burberry has revealed its Year of the Rabbit 2023 campaign, which builds upon the brand’s spirit of adventure. The campaign stars actors Qi Xi, Shi Pengyuan, and sportswoman Zhao Lina and is captured by video director Zika Liu and photographer Sky.Inspired by the Year of the Rabbit, the exclusive collection features the Thomas Burberry Monogram playfully reimagined with rabbit ears. The special monogram is adorned on womenswear, menswear, and childrenswear, the signa

China will make efforts to quickly facilitate participation of its companies in exhibitions abroad and will promptly give approvals, encouraging them to expand their presence in developing and emerging markets, diversify their sales channels and stay competitive, according to Yang Fan, spokeswoman of the China Council for the Promotion of International Trade (CCPIT).The council has approved participation in 15 overseas economic and trade exhibitions since November to boost exports, she said. The

US imported leather apparel and accessories worth $2.695 billion from China, which was 27.10 per cent of its total imports of $9.944 billion during January-September 2022. The imports registered an impressive growth of 29.46 per cent year on year (YoY). There was no spill over effect of US ban on cotton from Xinjiang region on leather products.China was the top supplier of leather products to the US with 27.10 per cent share during the period under review. The other top five suppliers were Italy