What is the future for the textile industry in 2020 and beyond? The answer depends on whom you ask. McKinsey & Company’s report, The State of Fashion 2020, warns: “The coming year will open with the industry in a state of great panic and uncertainty, with most fashion and business leaders preparing for a slowdown in the growth of the world economy.” ” But not all analysts express this level of concern and concern. In contrast, market research firm Euromonitor International, in its World Market for Apparel and Footwear report, said more positively, “Despite its maturity and size, the industry expects a positive outlook, for strong growth in China and India.” ” IBISWorld also indicates growth prospects in global apparel manufacturing. The report said that the demand for clothing is increasing and economic conditions are improving which will drive the industry in the next five years. While some analysts have expressed optimism, while others focus on industry challenges, many notable trends in the apparel industry have been highlighted in these apparel industry reports and others like them.
1. Role of digitization
Both Euromonitor and McKinsey emphasize the importance of digitization in the fashion industry. Technology has changed the way consumers shop and interact with the brand, and fashion e-commerce companies such as Rent the Runway, ThredUp and ThirdLove have attracted significant investment in recent years. As the market evolves, traditional and emerging fashion brands need to increase their online presence and use big data and analytics to deliver more personalized solutions and capture greater market share.
2. Increasing importance of stabilityAlongside with digitalization, sustainability is another important trend in the textile industry. More and more consumers are worried about the future of the planet and are putting pressure on fashion brands that do not have environmentally friendly behavior. As a result, some companies are working to change their business model and develop products made of more durable materials, according to Textile Intelligence. For example, Adidas converts plastic waste washed in coastal areas to recycled polyester and uses this material in footwear and clothing. To reduce its environmental impact, the channel has invested in a startup developed by Nature, which replaces synthetic additives with more environmentally friendly alternatives. Buying second-hand, or leasing, rather than buying new, has become a more popular way for consumers to place items from landfills and afford more high-end luxury brands. As a result, rental and resale companies are growing rapidly.
3. A shift towards a fashion involving the waist
Rising obesity levels around the world have increased the demand for plus size trending fashion, as shown in the plus size to all inclusive fashion report. In the past, plus-size clothing options were very low at many retailers and were often reintroduced to maternity clothing as well as their own separate segments. Now, as the size-change initiative is starting to change into the mainstream. Nordstrom, Target, and others have expanded their size in stores, but most luxury brands have not taken the same steps to standardize the size into double digits.
4. Continuous growth of Athlebic
Another industry to watch out for is the buzzword Athleisure. Although new classes of products typically go through cycles of growth and contraction, athlebicking continues to “defy gravity”. The increasing popularity of wellness may help explain resistance to yoga-inspired clothing. Other retailers have struggled to survive, with Lululemon Athletica, which leads the brand Athlebic, continuing to achieve successful growth of more than 23% over the previous year, with net sales of $ 916.1 million in 2019 . In the coming years, the global athletics market is expected to grow at a constant rate. According to GlobalData estimates, the global athletics market grew 9% in 2019, reaching $ 414 billion. By 2023, the market is expected to reach $ 570 billion. Athlebic hopes to gain popularity in Asia, but Eastern Europe offers another opportunity as volume development becomes more difficult in the West.