Photo by Alyssa Strohmann on Unsplash
The fashion industry is one of the most profitable in the world, especially in the US, where customers thrive on sportswear, business attire and luxury pieces. The US has the most prominent global apparel market, so the economy benefits from it greatly. American women seem to love shopping the most since they contribute with 163 billion USD to the economy, closely followed by Chinese women.
But besides the increasing profitability, the American fashion sector faces constant challenges. On a global scale, we’ve got supply chain bottlenecks that burst during Covid-19. At the same time, trends and behaviors constantly change, with customers exercising their purchasing power based on different tendencies. Unfortunately, despite its massive revenue, consumer distrust is among the reasons why fashion is failing because it’s often misleading regarding sustainable practices.
So, how can your fashion business target American customers successfully while mitigating 2024 challenges?
Market analysis of customer profiles
You can never go wrong with developing your customer’s profile with thorough market analysis. With qualitative exploration, you can access an expanded database of people’s opinions about clothes and how they express themselves through garments. The first step of determining your customer profile is to analyze your brand in-depth and then consider the type of customer who would be interested in your products.
After you’ve created the target persona, gather your team and design an audience segmentation plan with Savanta USA to bring these customer profiles closer to your business. This strategy will help find customer touch-points in online and offline stores so you can understand the context of placing advertisements that will work. Finally, it’s time to identify new opportunities for concepts that will appeal to upcoming trends and changing lifestyles.
Reinventing luxury
One of the last trends of 2023 was gorpcore, which focused on aesthetically pleasing outdoor clothes that could be worn on the street and while camping. Some experts believe this trend might trigger a considerable shift in 2024 when people prefer wearing functional and outdoors-based gear rather than chic clothes. Hence, it might be the year when sports clothing brands will recreate their clothing lines and add more lifestyle-inspired pieces, while luxury brands will try to approach a more technical look.
This is only an example of how volatile fashion is, as different styles are combined for the emergence of a new trend. In 2023, you’d see Nike soccer sneakers sneaking into outfits at the New York Fashion Week, paired with majestic dresses and suits, blending sport and fashion amazingly. This is what your brand needs in 2024.
Fashion as an experience
Fashion isn’t a statement anymore ―it’s an experience, and no one other than Gen Z could prepare us for this change. Now, customers wish more than to store their clothes at home. They want to explore and engage with the message the piece is sending and also transmit something to the world, from sustainability matters to activism. Therefore, brands must evolve by creating unique environments in which customers feel seen and understood.
One example of such immersive experiences includes the use of blockchain and NFTs to try on clothes and share images of the luxury piece owned. Nike created its first NFT collection that could be modified with the help of different designers. In contrast, Adidas created an ecosystem called “Into the Metaverse” that included digital and real wearables. When it comes to luxurious brands like Prada or Dolce & Gabbana, fashion is all about the best customer experience and the creation of private NFTs.
Recycling the old with the new
Everyone notices how old trends are coming back to the modern days, from platform shows to chockers, but no one is really mad about it. That’s because these products are designed with modernity in mind, combining today’s demands for clothes, like being sustainable and flattering on one’s body features. The nostalgia of the old high-waisted jeans made them a staple again, while headbands were essential to wear in 2023, even though they were fashionable in the 60s and later 80s.
Whether it’s about not having new ideas or simply wanting to recreate the past, these trends are usually welcomed with open arms by youngsters who are in love with vintage aesthetics. And this trend seems to go on, so your fashion business must also recreate something. Ideally, you’d want to design a new clothing line based on your audience’s age and figure out what were the fashion trends when they were teenagers. We promise you that your new garments will sell like fresh bread.
Mitigating sustainability
Sustainability continues to be trending in fashion, especially since Gen Z pushes it forward. Problems of fair wages, fast fashion, and worker conditions will determine if a brand is sustainable or not. At the same time, companies greenwashing will be caught immediately, as it’s not that difficult to discover the source of the garments when the label states exactly where the piece was created. Therefore, sustainability will continue to thrive in the fashion industry.
But what does this exactly mean? Fashion brands that weren’t transparent enough must change their approaches if they want to maintain their income and fame. At the same time, businesses caught wasting materials and textiles will probably be boycotted as the power of the customer is always striking. Talking about boycotts, fast fashion brands must prepare to see a decrease in sales, as the customer is changing their behaviors and approaching slow fashion as a mindset in order to support the development of a circular economy, reduce the demand for new pieces, and minimize the number of clothes that end up in landfills. Plus, this is how customers are able to find and purchase unique pieces without giving up on their personality due to wearing the same clothes as the rest of the population. A win-win situation!
Bottom line
The fashion industry is significantly profitable in the US, where women’s clothing contributes heavily to developing apparel. However, in 2024, fashion must reinvent itself and provide a fresh start for customers to immerse in. Experiences, melancholic comebacks, and sustainability matters will be the headlines in the industry this year.
