Posted 12/4/2023, 5:01:16 AM
Fashion Industry Faces Lower Growth, Climate Risks and AI Promise Amid Changing Consumer Preferences
- Industry growth slowing to 2-4% in 2024 due to fragile consumer confidence and uneven performance
- Global travel rebound provides opportunities for fashion brands to engage international shoppers
- Climate change presents $65B risk from supply chain disruptions and raw material impacts by 2030
- Generative AI seen as creative opportunity but capability gap limits potential currently
- Competition among fast fashion brands set to intensify amid changing customer tastes and sustainability regulations