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Insight of the Day: The fashion power shift in 2024

In the ever-evolving landscape of UK fashion, significant shifts are occurring in the industry, as highlighted by Jodie Gillary, Head of Client Impact at Kantar. Here is an overview of the key points discussed in the article:

- Emerging Focus:

- Fashion trends are evolving beyond seasonal styles to address more socially relevant issues like inclusivity, sustainability, and individuality.

- Themes of sustainability, inclusivity, and personal identity are taking center stage in the fashion narrative, challenging the historically exclusive norms of the industry.

- Consumer Influence:

- Consumers are playing a pivotal role in reshaping the fashion scene, with a growing emphasis on thrift shopping, upcycling, and seeking out bargains through resale platforms.

- The power of the consumer is evident in their ability to drive demand for sustainable practices and hold brands accountable for their environmental and social impact.

- Influencer Dynamics:

- Influencers on platforms like Instagram and TikTok are influencing fashion choices, with a divide between those promoting fast fashion and those advocating for eco-friendly practices.

- The clash between mainstream consumerism and eco-conscious movements is reflected in online content, showcasing both the allure of inexpensive fast fashion and the appeal of sustainable alternatives.

- Retailer Challenges:

- High street brands are facing challenges in maintaining competitiveness, resorting to constant discounts to attract consumers amidst rising production costs.

- The retail landscape is witnessing a battle for consumer attention between traditional retailers and emerging resale platforms that offer discounted, pre-owned items.

- Sustainable Fashion:

- Sustainable fashion brands face hurdles in gaining mainstream popularity due to higher price points and limited product ranges.

- Some brands are innovating by incorporating upcycling initiatives, repair services, and other sustainable practices to appeal to environmentally conscious consumers.

- Consumer Behavior:

- Consumers are increasingly price-conscious, seeking bargains through various means such as high street replicas, pre-owned items, upcycled products, and discounted designer goods.

- The trend of "steal vs splurge" comparisons and the search for brand alternatives demonstrate consumers' ongoing interest in value-driven fashion choices.

The current fashion landscape reflects a dynamic interplay between consumers, influencers, and retailers, with a growing emphasis on sustainability, inclusivity, and affordability reshaping industry dynamics and consumer preferences.

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