Top 5 themes shaping the future of fashion
While the luxury fashion market should reach 383 billion dollars in 2025, retailers need to harness data in order to respond to these critical changes in the industry. The trends that COVID has brought for the ride are finally starting to change – meaning work-from-home styles are no longer popular as shoppers swap their sweatshirts for blazers.
Business Intelligence Platform Manager EDITED examined its platform of over four billion SKUs to identify the top five themes shaping the future of fashion:
1. Streetwear remains king in major categories.
Categories that continue to see year-over-year growth in fashion include sweatpants by 59%, sweatshirts by 26%, and t-shirts by 14%. Additionally, streetwear brands are increasingly being added to third-party luxury sites. The number of Fear of God and Stone Island styles stocked at MR PORTER increased 680% and 81% year-on-year, while White Mountaineering increased 101% at FARFETCH.
“It’s nice to see this revival when you think about where things are going with streetwear and the growth of the category,” said Juliana Prather, CMO at EDITED. “It’s about the consumer’s desire to want upgraded and luxurious fabrications in terms of streetwear – not just going for something off the shelf to be comfortable, but looking for something streetwear related.”
2. Investment in traditional workwear is in full swing.
Evidenced by the tailoring integrated into the Dior Homme and Valentino shows, as well as the arrivals of blazers from one year to the next, up 22%. In the fashion market, arrivals of new shirts were up 16% and blazers up 22% year-over-year, while cropped heels topped 2021 levels by 13%.
“As consumers return to the office, we’re seeing a tailored approach to how they dress and balancing that with streetwear,” Prather said. “In traditional workplaces where you can’t wear a hoodie to the office, we see this as an area for continued growth.”
3. Brands are starting to accept larger sizes.
Options going above an XL for women are up 130% year over year, and 2XL for men up 348% year over year. However, these sizes are only available in seven percent of womenswear and four percent of menswear, underscoring the need to serve this long-ignored consumer.
“Luxury brands have really started to welcome plus size customers who are above an extra large, which was not the case before. It was exclusive not only in terms of price, but also of sizing, so it’s becoming more inclusive there. We expect more growth and opportunities in that area for brands to continue to scale up,” Prather said.
4. Pet-free luxury alternatives are more common.
Animal skins are no longer seen as a status symbol, causing investment in fur to drop 27% and exotic skins by 42% year-on-year. Although calfskin and lambskin remain staple materials, luxury animal-free alternatives are becoming more common as “vegan” leather options are explored, up 20% year over year on the other.
“When we look at what’s happening with animal-free products, we know that real fur is frowned upon, which has driven down investment in fur as well as exotic skins,” Prather said. “Vegan leather options continue to be explored, and our data shows they are on the rise.”
5. The metaverse is the new frontier of fashion.
Forty-two percent of brands that mentioned the metaverse and non-fungible tokens in the past year on landing pages, as well as in emails, were luxury players. Virtual estate Decentraland hosted a four-day Metaverse Fashion Week in March 2022, featuring Dolce & Gabbana, Hugo Boss, Etro, Gary McQueen and more.
“Whatever type of player you are in the fashion industry, it’s important to be present in the metaverse. The non-fungible token space also presents a great opportunity for brands to continue to grow their business,” Prather said.