2025年时尚报告（英）-154页_11mb

The State of Fashion 2025 Summary

Core Content

The State of Fashion 2025 report outlines the current and future challenges and opportunities facing the global fashion industry. It highlights the impact of macroeconomic conditions, changing consumer behavior, and evolving trade dynamics on the sector's growth and operations. The report is a collaborative effort between The Business of Fashion (BoF) and McKinsey & Company, with contributions from numerous experts and professionals in the field.

Key Authors and Contributors

• Imran Amed: Founder, CEO, and Editor-in-Chief of BoF, with an MBA from Harvard Business School.
• Gemma D'Auria: Senior Partner at McKinsey, leading the firm's global Apparel, Fashion & Luxury sector.
• Marc Bain: Senior Technology Correspondent at BoF, focusing on innovations in the fashion industry.
• Anita Balchandani: Senior Partner in McKinsey's London office, co-leading the Apparel, Fashion & Luxury sector in EMEA.
• David Barrelet: Associate Partner in McKinsey's Munich office, part of the leadership of the Apparel, Fashion & Luxury sector in EMEA.
• Brian Baskin: Executive Editor at BoF, with a background in financial journalism.
• Colleen Baum: Senior Partner at McKinsey, leading retail operations and real estate in North America.
• Hannah Crump: Director, BoF Insights, responsible for data-driven research and analysis.
• Patricia González Méndez: Engagement Manager at McKinsey, working with fashion and luxury companies in EMEA.
• Joëlle Grunberg: Partner at McKinsey, focusing on growth strategy and international expansion in the Americas.
• Alexander Li: Part of BoF Insights, advising clients on cultural relevance and commercial success.
• Rahul Malik: Chief Growth Officer and Head of BoF Insights, driving new businesses and strategic advice.
• Felix Rolfens: Partner at McKinsey in Berlin, co-leading the Apparel, Fashion & Luxury sector in EMEA.
• Daniel Zipser: Senior Partner in McKinsey's Shenzhen office, leading the sector across Asia-Pacific.

Main Themes and Key Insights

1. Challenges at Every Turn

• The fashion industry is entering a particularly uncertain year in 2025 due to a long-feared cyclical slowdown, increased price sensitivity among consumers, the rise of "dupes," and climate change.
• Regional differences will become more pronounced, especially in Europe, the US, and Asia.
• Brands must adapt quickly to thrive in this environment.

2. Sluggish Growth Continues

• The global fashion market is expected to grow at a low single-digit rate in 2025, a continuation of the sluggish growth seen in 2024.
• Non-luxury segments are projected to drive the majority of economic profit for the first time since 2010.
• China remains a key market, but its economic recovery is uncertain, prompting brands to look toward other Asian markets like Japan, Korea, and India.

3. Acting on Opportunities

• Brands are localizing their go-to-market models, broadening price ranges, and focusing on brand positioning to attract price-sensitive consumers.
• The resale and off-price segments are expanding, and brands must justify premium pricing with value.
• Smart e-commerce players are using AI for better product discovery and customer engagement.
• "Silver Spenders" (over-50 customers) are becoming a significant demographic for growth, with a growing share of global spending.
• Challenger brands are outperforming traditional incumbents, especially in the sportswear category, due to their agility and innovation.

4. Industry Outlook

• Uncertainty remains a dominant sentiment among fashion executives, with only 20% expecting improvement in 2025.
• Volume is expected to drive growth over price, as consumers are resistant to price increases.
• Differentiation through brand positioning, product newness, and customer experiences is a top priority for executives.
• Sustainability has moved down the list of top opportunities, as brands focus more on market share and cost-conscious strategies.

5. Global Economy

• Trade Reconfigured: Major economies are sourcing from politically aligned countries, leading to a shift in sourcing strategies. This trend is accelerating in the fashion industry.
• Asia's New Growth Engines: While China's growth is slowing, India, Japan, and Korea are emerging as key markets. 63% of fashion executives see APAC mature countries as having promising growth prospects.

Key Statistics and Trends

• Consumer Sentiment: Only 20% of executives expect improvement in consumer sentiment in 2025.
• Market Growth: The global fashion market is expected to grow at a low single-digit rate in 2025.
• Economic Profit: Non-luxury segments are set to drive the majority of economic profit.
• Price Sensitivity: 70% of consumers plan to continue shopping from outlets or off-price retailers.
• Silver Generation: The over-50 demographic represents a significant portion of global spending, with 72% of the US population's wealth held by those over 55.
• Trade Barriers: There has been a 5x increase in trade barriers since 2015, with ~3,000 restrictions introduced in 2023.
• Marketplace Challenges: Online fashion marketplaces have seen a 77% average decline in share prices since 2021.
• Challenger Brands: Expected to generate 57% of the sportswear segment's economic profit in 2024.

Conclusion

The fashion industry is at a crossroads in 2025, facing a range of challenges from economic uncertainty to shifting consumer preferences and trade dynamics. Brands that adapt quickly, focus on differentiation, and leverage technology and localisation will be better positioned to capture market share and drive growth. The old playbook is no longer sufficient, and the industry must embrace a new formula for success in this evolving landscape.