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Insight of the Day: Top Trends in Global Apparel and Footwear in 2024 and Beyond

The article discusses the top trends in global apparel and footwear for 2024 and beyond. Here are the key points:

1. Moderate Growth in Sales: Global sales of apparel and footwear are expected to grow by approximately 2% in constant terms in 2024, with a projected recovery to pre-pandemic levels by late 2025 or early 2026. However, the impact of inflation may lead to cautious discretionary spending due to high interest rates.

2. Supply-side Pressures: The fashion industry continues to face supply-side price pressures, exacerbated by inflation and disruptions in global supply chains. Geopolitical tensions further drive supply chain shifts, accelerating trends that emerged during the pandemic.

3. Seeking New Growth Pockets: International players are investing in new growth markets such as Southeast Asia, Latin America, and the Middle East and Africa to diversify revenue streams. Sportswear and childrenswear are expected to outperform the wider industry, driven by factors such as the 2024 Paris Olympics and favorable sociodemographic factors.

4. Emphasis on Durability and Sustainability: Economic headwinds increase the appeal of durable, quality products. Consumers are willing to invest in higher-priced items that offer longevity and circularity credentials. Regulation changes, such as the EU Strategy for Sustainable Textile, further emphasize the importance of sustainability.

5. Digital Transformation and Personalization: The digital transformation continues, with 32% of apparel and footwear sales taking place online. Personalized experiences, hyper-localization, and GenAI technologies are key strategies to engage consumers in a saturated digital environment. Tailored offerings and technology investments are crucial for success in the challenging market environment.

Overall, while the fashion industry faces challenges in 2024, companies that can communicate their value to consumers through tailored offerings and personalized experiences are expected to perform better. Investing in technology to support localized and personalized offerings will be critical for success in the evolving market landscape.

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