麦肯锡-2018年时尚行业报告-2018.05-45页-4mb

The State of Fashion 2018 Summary

Core Content

The State of Fashion 2018 report by McKinsey & Company and The Business of Fashion (BoF) provides a comprehensive analysis of the global fashion industry, highlighting both long-term shifts and 2018-specific trends. It outlines the evolving landscape, challenges, and opportunities that fashion players must navigate in a rapidly changing environment.

Main Viewpoints

1. A New Sense of Optimism

• Despite ongoing uncertainty, there is a growing sense of optimism among fashion executives.
• The word "optimism" ranked third in the BoF-McKinsey Global Fashion Survey, following "uncertain" and "challenging."
• The report emphasizes that the fashion industry is at a turning point, with new opportunities emerging for global connectivity and innovation.

2. Global Sales Shift

• By 2018, more than half of global apparel and footwear sales will originate outside of Europe and North America.
• Emerging markets in Asia-Pacific, Latin America, and other regions are becoming the main growth engines.
• This shift reflects the growing economic power and consumer base in these areas.

3. Industry Transformation

• The fashion system is undergoing significant transformation, driven by digitisation, automation, and new business models.
• The industry is becoming more competitive, with a focus on speed, agility, and customer-centric approaches.

Key Trends for 2018

1. Predictably Unpredictable

• Geopolitical instability, economic uncertainty, and unpredictability are now the norm.
• Fashion companies must remain agile and responsive to these external pressures.

2. Globalisation Reboot

• Globalisation is not slowing down despite rising nationalism and reshoring.
• A new phase of globalisation is emerging, marked by increased cross-border connectivity, data flows, and digital integration.

3. Asian Trailblazers

• Asia is leading the way in e-commerce, digital innovation, and global expansion.
• Over 60% of global e-commerce unicorns are based in China, indicating Asia's growing influence.
• Asian players are asserting their power through innovation and investment.

4. Getting Personal

• Personalisation and curation are becoming essential to meet consumer expectations.
• Brands are using data and AI to tailor recommendations and engage customers in a more individualised way.

5. Platforms First

• The question is no longer "if" but "how" to collaborate with major online platforms.
• Fashion brands are increasingly partnering with digital platforms to reach customers more effectively.

6. Mobile Obsessed

• Consumers are increasingly using mobile devices for shopping, leading to a shift in the end-to-end transaction process.
• The mobile-first approach is reshaping the customer journey and brand engagement strategies.

7. AI Gets Real

• Artificial intelligence is being deployed across the entire fashion value chain.
• Innovators are leveraging AI for demand forecasting, customer insights, and supply chain optimisation.

8. Sustainability Credibility

• Sustainability is becoming a core component of the fashion planning system.
• Circular economy principles are being integrated throughout the value chain to improve environmental and social impact.

9. Off-Price Deception

• The off-price sector continues to grow, offering a solution to excess inventory and slow growth.
• It is seen as a strategic response to the challenges of traditional retail and fast fashion models.

10. Startup Thinking

• The need for innovation has led many fashion companies to adopt startup-like agility and speed.
• This includes experimenting with new business models, data-driven approaches, and customer-centric strategies.

Challenges and Opportunities

Top Challenges for 2018

• Dealing with volatility, uncertainty, and shifts in the global economy (12% of executives)
• Competition from online and omnichannel retailers (10% of executives)
• Value chain improvement and digitisation (9% of executives)
• Decreasing foot traffic and offline retailing pressure (9% of executives)

Top Priorities for 2018

• Sales & growth improvements (66% of executives)
• Cost improvements (18% of executives)
• Sales & cost improvements (16% of executives)
• Omnichannel integration and e-commerce/digital marketing capabilities are highlighted as key priorities.

Consumer Shifts

• Connected and in control: Consumers are using digital channels more and expect seamless, frictionless shopping experiences.
• Expecting it all: Consumers demand convenience, quality, values alignment, newness, and competitive pricing.
• Social media influence: Peer reviews, influencer marketing, and social media platforms are playing a significant role in shaping purchase decisions.

The Fashion System

• Digitisation across the value chain: This is redefining cost structures and operational models.
• Accelerated industry pace: Leading brands are pushing the limits of time from design to shelf.
• Decline in brick-and-mortar traffic: Retailers are rethinking store networks and in-store experiences to stay relevant.
• Big data proliferation: Offers new business opportunities but also raises concerns around data privacy and security.
• Fast fashion growth: The traditional fast fashion sector is growing rapidly, with new online players gaining traction.

Conclusion

2018 is poised to be a pivotal year for the fashion industry, marked by a global shift in sales, consumer behavior, and business models. The report highlights the importance of agility, innovation, and customer-centric strategies in navigating the challenges and seizing the opportunities that lie ahead. For those willing to embrace change, the future of fashion is both exciting and uncertain.