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The Year Ahead: Fashion Executives Brace For Unsettling Times

According to The State of Fashion 2024, a potentially volatile global economy and geopolitical tensions in the coming months could further dent consumer confidence in key markets, requiring fashion brands, retailers and suppliers to bolster contingency planning and double down on operating efficiencies, among other measures.
Men and women shopping on a busy high street.
In 2024, the global economic outlook will likely continue to be unsettled. (Shutterstock)
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Consumers around the world might be mistaken if they believe 2024 will offer a chance to catch their collective breath after enduring a post-pandemic period of turbulence. Universally, slowing growth, new and continued geopolitical conflict, and consumer spending pressures are likely to define economic prospects. And as in previous times, the impacts will likely not be felt uniformly as market responses diverge.

Further Reading

The State of Fashion 2024: Riding Out the Storm

The eighth annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals an industry navigating deep uncertainty. Download the full report to understand the 10 themes that will define the industry and the opportunities for growth in the year ahead.

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