Occasion Wear to Experience Highest Levels of Growth in 2023
A new report from McKinsey & Business Of Fashion (BoF) highlights how resilient the fashion industry has been throughout 2020 despite facing numerous challenges due to COVID-19 restrictions and lockdowns around the world. The report found that 39% of fashion executives expect occasion wear specifically will experience highest levels of growth in 2023 due its increasing popularity among consumers who are looking for quality pieces they can use multiple times while also being conscious about sustainability choices when it comes their wardrobe selections.
Mar. 16, 2023 8:06PM
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A colorful image featuring various pieces of fashionable occasion wear including dresses, skirts suits etc., all laid out on a white background with text reading “Occasion Wear To Experience Highest Levels Of Growth In 2023”
The fashion industry is constantly evolving, and a recent report from McKinsey and Business of Fashion (BoF) has highlighted the resilience of the industry in the face of uncertainty. The report found that 39% of fashion executives expect occasion wear to experience the highest levels of growth in 2023. This finding comes as no surprise, given that special occasions such as weddings, graduations, birthdays, and other important events are becoming increasingly popular around the world. In addition, with more people opting for sustainable fashion choices, occasion wear has become an attractive option for those looking to invest in quality pieces that can be worn multiple times. The report also noted that although traditional retail stores have been hit hard by the pandemic, online shopping has seen a significant increase over the past year. This trend is expected to continue into 2023 and beyond, with many retailers turning to digital platforms to reach their customers. As a result, there is likely to be an increased demand for occasion wear that can be purchased online or through social media channels. In addition to occasion wear experiencing growth in 2023, other areas within the fashion industry are expected to benefit from increased consumer spending as well. These include activewear and athleisure clothing which have seen a surge in popularity due to people spending more time at home during lockdown periods; luxury goods which have seen an uptick due to increasing disposable incomes; and sustainable fashion which continues to gain traction among environmentally conscious consumers. Overall, this report highlights how resilient the fashion industry has been throughout 2020 despite facing numerous challenges due to COVID-19 restrictions and lockdowns around the world. With consumer confidence slowly returning and economic conditions improving over time, it’s clear that there will be plenty of opportunities for businesses within this sector moving forward into 2023 and beyond.