How Fashion Industry Fared in 2021 And What it Means For 2022
3 years, 3 months ago

How Fashion Industry Fared in 2021 And What it Means For 2022

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2021 was quite an exciting year in the world of fashion. https://www.instagram.com/p/CQpPIY7rJpB/?utm_source=ig_web_copy_link https://www.instagram.com/p/CT0ArT4FhJI/?utm_source=ig_web_copy_link In terms of the fashion economy, the State of Fashion 2022 report, written by Business of Fashion and McKinsey & Company, named China as the “standout performer” in 2021, since its economy recovered much faster than those of other countries. The sixth annual report also predicted that the fashion industry’s growth will likely be driven by both China and the United States, while Europe lags behind and will need the return of international tourism to recover fully from the losses incurred in the last two year. Speaking about sustainability, the State of Fashion 2022 report also mentioned that “more than ever, sustainability is dominating consumer priorities and the fashion agenda.” It has been noted that modern consumers are interested in knowing where the materials come from, how the products are made, and whether the people involved are treated fairly. https://www.instagram.com/p/CW1FDd4oXan/?utm_source=ig_web_copy_link It is also predicted that in 2022, fashion brands will have to adapt to evolving consumer demand and ramp up their efforts to reflect customer values in their assortments, supply chains, and ways of working keeping in mind the looming climate crisis.

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