A research by McKinsey & Company lists the immediate needs of fashion brands not to lag behind, in a year of strong transition, such as the one we are living
“A simple and standardized playbook does not exist”. But there are 5 needs, or better, 5 inputs that companies belonging to the fashion system have to keep in mind to adapt to 2021. Paying, however, attention not to make the mistake of deluding themselves about the possibility that a structural countertrend can be started in the market in this year. This topic has been introduced by McKinsey & Company, which defined these 5 factors of adaptability.
The 5 inputs to adapt to 2021
First: watch the trend of demand
“The global economic framework, including unemployment, will keep fashion demand from coming back to pre-pandemic levels this year, already”, McKinsey says. On trial is the luxury segment in China, along with casualwear and with the favourite product categories of those who spend much time at home, as social distancing imposes.
Second: the digital world
In 2021, physical retail might regain a part of its market share, but online sales should remain high. Much high, actually. Therefore, investments in livestreaming e in collaboration with videogames companies. Luxury gaming, thus, could become (even more) a commercial driver.
Third: social sustainability
Two thirds of consumers told McKinsey that they would reduce significantly their purchases from a brand, in case they did not treat employees and suppliers fairly.
Fourth: not getting deluded by tourism
McKinsey has no doubts: international tourism is going to get back to pre-pandemic levels in 2023 or even in 2024. As a consequence, fashion houses need to concentrate on local clients and on strategic investments, without hurrying, in markets that are quickly recovering, such as, for instance, in China, obviously. Not only: brands shall have to get ready to capitalize the boom of recovery.
Fifth: less is more
Companies have to comply with a renewed mentality of consumers: that of less is more. In other words, the purchase of more durable goods, with a higher quality and produced in a sustainable way. Referring to a better analysis of information about customers and decreasing the time of product development, even detaching from the seasonal timetable of fashion, could be, in this sense, a solution.