The apparel industry is constantly undergoing major wardrobe changes. With luxury on the rise and sustainability becoming more important, this sector plays a crucial role in the economy, and there is a lot to unpack to stay on top.
Here are the top apparel trends shaping the retail market for apparel brands 2024.
Luxe for Less (or More!): The Rise of “Aspirational” Shopping
Remember when luxury brands were all about exclusivity? Well, things are changing. A McKinsey & Company report found that the luxury market is expected to grow by 5-10% in 2023, fueled by a rise in “aspirational” shopping. Consumers are increasingly interested in luxury items, even if they don’t always splurge on them. So, how can you capitalize on this trend? Offer a range of price points for your luxe items that cater to different budgets. You can have a core collection of premium items alongside more affordable options that reflect your brand’s aesthetic.
Marketplace Mania: It’s All About The Mix!
Remember the days when people just shopped at your brand’s website? Yeah, those were simpler times. Today, consumers are flocking to online marketplaces (think Amazon, Asos and Nordstrom) and even social shopping giants like Shein (100M users, wowza!) for their next fashion fix.
A 2023 report by Statista shows that marketplace sales are projected to account for over 60% of global e-commerce sales in 2024.
Apparel brands must diversify their sales channels and consider listing their products on relevant marketplaces. It’s a fantastic way to reach customers already in buying mode and actively searching for apparel that aligns with your brand’s style.
Sustainable Style: Going Green is No Longer a Niche
Sustainability is no longer a fad; it’s a fundamental expectation from today’s conscious consumers. The Global Fashion Agenda report found that 73% of Gen Z consumers are willing to pay more for sustainable products.
So, how can you make your brand more eco-friendly?
- Focus on using sustainable materials, like organic cotton or recycled polyester.
- Engage with startups creating recyclable, regenerative, reusable, and sustainable textiles.
- Be as transparent about your manufacturing process and supply chain as you can.
- Marketplaces are a good place for brands to sell older stock, thus reducing the waste of unsold clothing from previous seasons
On top of it all, you should collaborate with sustainable influencers and tastemakers to spread the word about your eco-conscious efforts.
Social Commerce Takes Center Stage: It’s Time to Get Tiktokin’
You must make sure your Social commerce strategy is included in 2024! Research shows that social commerce is expected to grow by more than 50% by the end of 2025.
Often, brands that use social commerce will partner with influencers or engage with user-generated content to connect with their desired audience. Brands like Clinique have successfully engaged new and younger markets through a combination of savvy social media marketing and social commerce.
Crossing Borders for Fashion Finds: The Rise of Global Shopping
For Gen Z, geographical boundaries are blurring when it comes to shopping. Young consumers are increasingly willing to purchase apparel from brands located all over the world, and the more exotic the brand, the more curious they are about it!
A Worldpay report found that cross-border e-commerce sales are expected to reach $2 trillion by 2023. Young consumers prefer to discover unique styles unavailable in their local market and are willing to experiment. This is a sign that your business should not hesitate to expand its reach! – offering international shipping options and opting for partnering with global marketplaces and warehouses to ensure smooth and efficient delivery across borders.
Flexible Payment Options: Buy Now, Pay Later Takes Center Stage
The “Shop Now, Pay Later” model made waves in the first few months of 2023.
With this flexible payment solution, shoppers can pay within 30 days or through monthly instalments, boosting average order value by 68%.
Customers appreciate having a personalized payment plan that meets their budget and needs. Offering a degree of flexibility with payment can help attract new customers and keep them coming back.
Plus, it’s easy for you too! Several companies can automate the whole SNPL process, saving you time and admin your team needs, making it easy for you to incorporate this trend in your payments solution.