The fashion industry is constantly evolving and adapting to the changing needs and preferences of consumers. In 2024, fashion brands will have to face new challenges and opportunities as they navigate the post-pandemic world, the rise of digital platforms, the demand for sustainability and inclusivity, and the emergence of new styles and aesthetics.
Here are some of the key retail trends that fashion brands should pay attention to in 2024.
Quiet luxury: In contrast to the loud and flashy logos, colors, and prints that dominated the previous years, 2024 will see a shift towards more subtle, refined, and understated luxury. Brands like Phoebe Philo, The Rows, and Khaite will set the tone for a minimalist and elegant approach to fashion, appealing to consumers who value quality, craftsmanship, and exclusivity over mass appeal and hype. According to Who What Wear, these brands are "proving that you don't need to scream with big logos, international advertising campaigns, and a goal of ubiquity to garner acclaim in 2024" .
Fringe factor: One of the most eye-catching and playful trends of 2024 will be fringe, but not the thick and chunky kind that we've seen before. Instead, 2024's fringe will be micro-fine, delicate, and sophisticated, adding movement and texture to hemlines, sleeves, collars, and accessories. Designer Giorgio Armani is at the helm of the trend for 2024. As Jodi Khan from Neiman Marcus told WWD, Armani included "artisanal details that create movement, such as fringe in various materiality" . Other designers, like Bottega Veneta, Alberta Ferretti, and Givenchy, are also playing with fringes as 2024 nears.
Business sensual: Sheer fabrics are not new to the fashion scene, but in 2024 they will take on a new dimension by entering the realm of business casual. Brands like Sportmax, Givenchy, Philosophy By Lorenzo Serafini, and Issey Miyake will showcase blouses, skirts, and button-downs that are transparent enough to reveal some skin but conservative enough to be office-appropriate. According to InStyle, this trend is about "gauzy sheer fabrics leaving the realm of ethereal gowns and entering the business casual chat" .
Metaverse: The metaverse is a term that describes a virtual reality where people can interact with each other and create their own digital identities, worlds, and experiences. The metaverse is already a reality for many gamers and online communities, but in 2024 it will become more mainstream and accessible for fashion lovers as well. Brands like Gucci, Balenciaga, Burberry, and Dolce & Gabbana have already experimented with creating digital clothing and accessories that can be worn in virtual environments or augmented reality apps. According to Femestella, the metaverse will offer "a new way for consumers to express themselves through fashion without the limitations of physical space or resources" .
Second-hand fashion: The second-hand fashion market is booming as more consumers are becoming aware of the environmental and social impacts of fast fashion. According to GlobalData, the second-hand fashion market is expected to grow by 69% between 2019 and 2024 . Consumers are increasingly opting for pre-owned or vintage clothing and accessories that have a unique story, character, and quality. Brands like Depop, Vestiaire Collective, ThredUp, and Poshmark are facilitating the exchange of second-hand fashion online, while platforms like Rent the Runway, Nuuly, and Hurr are offering rental services for those who want to try new styles without committing to ownership.
PLM Systems: Technology adoption and optimization such as using a PLM (Product Lifecycle Management) Systems are set to play a pivotal role in the fashion industry in 2024. With an increasing focus on efficiency, sustainability, and collaboration, brands are turning to PLM systems to streamline and optimize their product development processes. These integrated platforms enable seamless communication and data sharing across departments, from design and production to marketing and supply chain management. By utilizing PLM systems, fashion brands can reduce time-to-market, minimize errors, and enhance transparency in their operations. Furthermore, these systems empower brands to make informed decisions, track sustainability metrics, and adapt quickly to changing market demands. In an era where agility and sustainability are paramount, incorporating PLM systems is not just a trend but a strategic imperative for fashion brands aiming to thrive in 2024 and beyond.
Diversity and inclusivity: Diversity and inclusivity are not just buzzwords in the fashion industry anymore; they are essential values that consumers expect from brands in 2024. Fashion brands will have to cater to a wider range of sizes, shapes, ages, genders, ethnicities, and abilities. The call for diversity and inclusivity is loud and clear, urging fashion brands to represent and celebrate the rich tapestry of humanity in their campaigns, runway shows, and product offerings.
In 2024, consumers are demanding more than just token gestures towards diversity; they want genuine inclusivity embedded in every aspect of the fashion industry. Brands that embrace diversity not only contribute to positive social change but also open up new markets and connect with a broader audience. The Fashion Retail Association's Inclusivity Impact Report underscores that inclusive marketing is not only a moral imperative but also a smart business strategy.
Fashion brands are responding to this trend by casting models of different ethnicities, sizes, and ages in their campaigns and runway shows. Moreover, some brands are taking it a step further by collaborating with influencers and ambassadors who represent a diverse range of backgrounds. The use of adaptive and inclusive designs is also on the rise, with brands recognizing the importance of creating clothing that caters to people with disabilities.
As consumers become more conscious of the values and ethics of the brands they support, inclusivity is no longer an option but a necessity. Brands that prioritize diversity in 2024 will not only foster a sense of belonging among their customers but will also position themselves as socially responsible leaders in the fashion industry.
Conclusion
In 2024, the fashion retail landscape is a dynamic and multifaceted terrain, shaped by a combination of socio-cultural shifts, technological advancements, and environmental consciousness. Fashion brands that want to thrive in this environment must not only adapt to these trends but also anticipate the evolving needs and expectations of their consumers.
From embracing quiet luxury and incorporating delicate fringes to navigating the metaverse and championing second-hand fashion, the key lies in agility and innovation. The intersection of sustainability, inclusivity, and technological advancements is reshaping the fashion industry, and brands that harness these forces will be well-positioned for success.
As we step into 2024, it's clear that the fashion industry is at a pivotal moment, where choices made today will have lasting implications. By staying informed, adapting to changing trends, and prioritizing values that resonate with consumers, fashion brands can not only navigate the challenges of the coming year but also emerge as leaders in a transformative and exciting era for the industry. The future of fashion is dynamic, inclusive, and sustainable, and brands that embrace these principles will undoubtedly shape the narrative of 2024 and beyond.