2017时尚报告（英文版）_46页_4mb

The State of Fashion 2017 Summary

Core Content

The State of Fashion 2017 report by McKinsey & Company and The Business of Fashion (BoF) provides a comprehensive analysis of the global fashion industry, highlighting both the challenges faced in 2016 and the opportunities expected in 2017. The report aims to offer a systematic view of the fashion ecosystem, covering market segments, product categories, and geographies.

Main Viewpoints

• Fashion as a Key Economic Sector: The global fashion industry is one of the most important sectors, with a total value of $2.4 trillion in 2016. If ranked alongside countries, it would be the seventh-largest economy in the world.
• Challenges in 2016:
  • The industry faced uncertainty, change, and challenges due to global macroeconomic and geopolitical instability, including terrorist attacks, Brexit, and the Chinese stock market volatility.
  • Consumer behavior shifted: There was a rise in discount culture, with consumers increasingly buying at reduced prices and less at full price.
  • Supply chain and operational pressures: Companies were forced to re-evaluate their systems, with cost-cutting, restructuring, and store closures becoming common strategies.
  • Digital transformation: E-commerce and "see-now, buy-now" models gained prominence, offering new ways to engage with consumers and respond to demand in real-time.
  • Sustainability and ethical innovation became central to brand strategies, with a growing consumer focus on responsible fashion.
• 2017 Outlook:
  • The report forecasts growth recovery in 2017, with the industry expected to grow at 2.5-3.5% compared to 2-2.5% in 2016.
  • Value and affordable luxury are projected to outperform the industry average, while the discount market is expected to see a modest improvement in sales growth.
  • Athletic wear is highlighted as a top-performing category, maintaining strong growth despite the decline in double-digit expansion.
  • The global economy is expected to remain volatile, with political and economic shifts continuing to impact the industry.

Key Information

Industry Performance in 2016

• Sales growth: Slowed to 2-3% by the end of 2016, down from the 5.5% annual growth seen over the previous decade.

• Profit margins: Stagnated, with increased discounting and cost pressures.

• Luxury and mid-market segments: Expected to grow at slower rates, at 0.5-1% and 2-2.5%, respectively.

• Watches and jewellery: Experienced significant deceleration, with growth expected to be only 1.5-2%.

• Consumer trends:

  • Shift towards casualisation, inclusivity, and active lifestyles, leading to the rise of athleisure, genderless, plus-size, and modest fashion.
  • Increased focus on digital platforms, e-commerce, and virtual reality as tools for consumer engagement.
  • Sustainability became a key driver, with more than 65% of emerging market consumers prioritizing it, compared to 32% in mature markets.

• Top Challenges (2016):

  1. Volatility and uncertainty in the global economy (19%)
  2. Competition from online players and declining foot traffic (13%)
  3. Speed of changing consumer preferences (7%)
  4. Margin erosion due to discounting (5%)
  5. Sales and profitability growth (5%)
  6. Speed to market and changes in the fashion cycle (5%)

• Top Opportunities (2016):

  1. Digitalisation and e-commerce (29%)
  2. Reducing promotional activity and global pricing (9%)
  3. Mastering the economic downturn (4%)
  4. Omnichannel integration (2%)
  5. Shaping consumers and tapping into millennials (2%)
  6. Digital upgrades (2%)

10 Trends for 2017

1. Intensifying Volatility: Geopolitical and economic instability continues to create uncertainty.
2. China's Comeback?: China's economic fundamentals remain strong, but growth has slowed, shifting attention to other markets.
3. Urban Engines: Cities are becoming the central hubs for the fashion industry's evolution.
4. Shrewder Shoppers: Consumers are more tech-savvy, discerning, and difficult to predict.
5. Generation Correlation: Fashion companies must cater to both older and younger generations.
6. The Wellness Dividend: The wellness movement is creating new opportunities for brands.
7. Changing the Rhythm: The fashion cycle is becoming faster, requiring quicker responses.
8. Organic Growth: Building deeper relationships with existing customers is more important than expansion.
9. Upstream Technology: Digital innovation is transforming supply chain efficiency and sourcing.
10. Ownership Shake-Up: Fashion conglomerates are focusing on big brands, opening space for other players.

Methodology

• The report is based on the BoF-McKinsey Global Fashion Survey, McKinsey Global Fashion Index, and FashionScope, a city-level forecasting tool.
• It includes executive interviews and deep dives into specific topics such as the Russian fashion market, digital supply chains, and new consumer capitals in China, the Middle East, and Latin America.

Contributors

• Imran Amed: Founder, editor-in-chief, and CEO of The Business of Fashion.
• Achim Berg: Co-leads McKinsey's Global Apparel, Fashion & Luxury Practice.
• Leonie Brantberg: Head of McKinsey's fashion work in the UK.
• Saskia Hedrich: Supports countries in Africa, Asia, and Latin America in developing garment industry strategies.
• Johnattan Leon: Serves McKinsey's fashion clients across various categories.
• Robb Young: Global markets editor at The Business of Fashion.

Acknowledgements

• The authors thank the BoF and McKinsey community for their contributions.
• Special thanks to Patrick Li and Joan Cheng at Li Inc., Craig & Karl for the cover illustration, and Getty Images for imagery.

Conclusion

Despite the challenges of 2016, the fashion industry remains a vital part of the global economy. The report emphasizes the importance of digital transformation, sustainability, and agility in navigating the volatile landscape of 2017. It also highlights the need for companies to adapt to changing consumer behaviors and evolving market dynamics, with a focus on innovation, efficiency, and strategic repositioning.