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Trend REPORT 2023
Date - December 2022, Term 1
Module: Fashion Industry
Trend forecasting is akin to glimpsing into the future of style, culture, and consumer behavior, weaving together the threads of innovation, broader economic and societal shifts, and artistic expressions to illuminate the yet-to-unfold landscapes of tomorrow's trends. Through a meticulous blend of data analysis, intuition, and creative insight, I've unravelled certain trends based on my own analysis on what's to come, in this dynamic and ever-evolving world of the fashion industry.
Within the scope of the STEEP analysis, I have meticulously curated and emphasized the most urgent challenges manifesting on a global scale at the time. These multifaceted concerns include the following factors: Social (Cultural trends, Public opinion, Gender equality, Diversity), Technological (Innovation and adoption of new technology like artificial intelligence in various fields including fashion), Economical (Concerning global economic conditions like cost of living crisis, Inflation, looming recession and unemployment), Ecological (Climate crisis, carbon footprint, sustainability efforts and greenwashing), and political (World politics like Ukraine-Russia war and its effects on the global economy, Policies and regulations which affect the fashion industry). They possess the potential to exert both direct and indirect influences on the fashion industry and its evolving trends.
01
The events of 2022 have clearly demonstrated the intricate interdependence of the global economy. Ranging from surging inflation and escalated geopolitical conflicts to widespread disruptions in the supply chain, these occurrences have unfolded against the backdrop of a deepening climate crisis.
02
The Cop27 conference held in 2022 concluded with addressing the issue of loss and damage caused by climate change. Notably, countries with substantial emissions committed to providing compensation to nations that suffered the consequences of climate-related disruptions. This decision represents a significant step toward acknowledging the shared responsibility for mitigating the impacts of climate change.
Trend mapping, mood board and final trend board
From the extensive data analysis that I have conducted, I've concluded that everything is a closely weaved web which is interconnected with one other on multiple layers. And this is actually happening right now as you read this. From the recent wildfires in Canada to soaring temperatures in Europe and parts of Asia, wildfires in Greece, climate change is happening very rapidly. And how exactly will fashion be impacted from this? It's the supply chain of the fashion industry. Gone are the days, where brands relied on other regions to offset their huge supply and demand cycle. The fallouts are happening everywhere, so where could that lead to? Some of the possible trends I've predicted where some brands already started to embrace it or could do in the very near future are: Advanced supply chain planning, Nearshoring, Handling green washing (should embrace radical transparency - final dissertation topic) and Innovation of new materials at a larger scale.