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Lucy Baldwin: The Global Economy in 2026

You can view the BoF VOICES 2025 on-demand video below.
Lucy Baldwin at VOICES 2025.
Lucy Baldwin at VOICES 2025. (Getty Images for The Business of Fashion)

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Fashion businesses anticipate a challenging year ahead, according to the BoF-McKinsey State of Fashion 2026, while the macroeconomic outlook remains confusing. Lucy Baldwin, global head of research at Citi, noted that this year has defied expectations to some degree. Economists expected US president Donald Trump’s tariff onslaught would markedly slow global growth, but so far, no massive slowdown has materialised.

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