MADRID, 1 Dic. (EUROPA PRESS) –
56% of fashion industry executives expect conditions to worsen in 2023 and a slowdown in the sector in a context marked by the war in Ukraine, rising inflation and supply chain pressures, it reveals a new edition of The State of Fashion 2023 presented by The Business of Fashion and McKinsey
Specifically, 85% of fashion executives anticipate that inflation will be a challenge next year, and 58% believe that the energy crisis will continue to weaken the market.
Although the report foresees a general slowdown in the sector, the text indicates that there are some opportunities.
In this sense, the conclusions of the report reveal that luxury fashion sales are expected to grow globally between 5% and 10% in 2023, compared to negative 2% and positive 3% for the rest of the industry.
Additionally, 39% of fashion executives expect special-occasion apparel sales to be among the top three growth categories by 2023. According to the report, the “uncertain” economic outlook means fashion companies will reassess the areas in those that operate, being able to stop giving priority to certain countries or regions, while turning towards others that offer greater potential.
In particular, China’s economy, long seen as an industry growth engine, is expected to slow, with GDP rising to 3.2% in 2023, up from 8.1% in 2021.
This is due, in part, to ongoing coronavirus-related restrictions, leading some fashion executives to look elsewhere for opportunities, at least in the short term.
When identifying markets with the same or more promising growth prospects in 2023 than the previous year, 88% of executives cite the Middle East.
Additionally, 50% of fashion industry executives are expected to increase their companies’ presence in North America in the coming year.
