Everything looks different this year, and the fashion industry—which posted record-low profits in 2020—is no exception. Given the extreme jeopardy the industry has faced, there is no simple, standardized playbook for the coming year. Instead, fashion companies must tailor their strategies to fit their individual priorities, market exposure, and capabilities. What is clear is that the COVID-19 pandemic accelerated numerous industry trends, including a dip in demand, a substantial shift to digital shopping, a renewed consumer focus on social justice and fair treatment of garment workers, a diminished ability to rely on a buoyant travel and tourism sector to boost demand for fashion, and a need to adjust to consumers’ new “less is more” mindset. As fashion leaders work to move through and beyond the pandemic, the most successful will be those who can get a grasp on these trends, presented in this curated collection of data visualizations from our 2021 State of Fashion report, produced in collaboration with The Business of Fashion.
Five charts that set the tone as New York Fashion Week 2021 kicks off