The McKinsey Podcast The fashion industry faces a world in flux
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Apr 11, 2025 The fashion industry is facing significant challenges by 2025 due to climate change and shifting consumer values. Adaptability is crucial as brands navigate obstacles like trade uncertainties and changing preferences for quality. Digital shopping and AI are reshaping retail, pushing for personalized experiences. There's also a notable shift in consumer dynamics, especially with India's rising market and older consumers gaining importance. Sustainability remains a hot topic, with a call for collaboration to address environmental issues.
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Value over Price
- Consumers are shifting towards value, prioritizing perceived worth over just low prices.
- This includes purchasing "dupes," well-made lookalikes of luxury products, now worn with pride.
The Rise of Dupes
- One-third of surveyed US consumers bought a "dupe" in the last year.
- "Dupes," lookalikes of luxury items, were once worn discreetly but now signify a smart buy.
Resale and Uniqueness
- Resale platforms are growing as consumers seek pre-loved, unique luxury items.
- The narrative around pre-owned goods is compelling, offering potential value and scarcity.