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That Will Shape the 2020 Fashion Industry

  •   2 min reads
That Will Shape the 2020 Fashion Industry

While the majority of fashion executives are feeling an overwhelming sense of anxiety and concern about what 2020 has in store, the top players in the market still have a chance to get ahead of the curve and prosper in the year to comeAnd when it comes to "the big and the bold," the top 20 players by economic profit in the fashion industry account for more than the combined economic profit of the entire industry. Guess that means it's go big or go home.Fashion executives are unfortunately feeling more pessimistic than ever, with the threat of geopolitical instability and the risk of recession in the near feature.The issues of the world have a direct effect on the global economy, causing industry leaders to practice continued caution and plan for risks such as trade tensions and monetary policies.

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Fashion executives are unfortunately feeling

There are dozens of media platforms which engage hundreds of millions, if not billions, of users.While China still serves as an exciting market for exponential growth and opportunities, in 2020 fashion executives are expected to expand into other high-potential countries in order to minimize total reliance in Asia.Not all social media platforms are created equal, and in this coming year fashion brands will have to be more meticulous than ever in making sure to establish attention-grabbing content that performs well on the right platforms.

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The report indicates that 2020 will be the year for brands to rethink their social media strategy by more effectively exploiting existing platforms and capitalising on the rise of new platforms.More than two-thirds of fashion players believe “increased exploration of spend on new media platforms vs. ‘traditional’ platforms” will be a top theme in the coming year.Prioritising customer convenience and proximity will be key to succeeding in 2020. High-end customers are not interested in getting in their car for 45 minutes to venture into their nearby city or shopping complex.Next year will be all about complementing existing brick-and-mortar shops with smaller format locations to optimise on-demand in-person shopping.

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