How Fashion Industry Fared in 2021 And What it Means For 2022

2021 was quite an exciting year in the world of fashion. From Kim Kardashian’s iconic Balenciaga outfit at the Met Gala, to Zendaya’s top-notch red carpet moments, fashion made its rise in the post-pandemic year. The year was also marked by the tragic demise of artistic director of Louis Vuitton’s menswear collection, Virgil Abloh. Fashion Weeks also made their return after a solemn 2020 and the topic of sustainable fashion also made headlines.

In terms of the fashion economy, the State of Fashion 2022 report, written by Business of Fashion (BoF) and McKinsey & Company, named China as the “standout performer” in 2021, since its economy recovered much faster than those of other countries. The sixth annual report also predicted that the fashion industry’s growth will likely be driven by both China and the United States, while Europe lags behind and will need the return of international tourism to recover fully from the losses incurred in the last two year.

Speaking about sustainability, the State of Fashion 2022 report also mentioned that “more than ever, sustainability is dominating consumer priorities and the fashion agenda.”

It has been noted that modern consumers are interested in knowing where the materials come from, how the products are made, and whether the people involved are treated fairly. Fashion companies are expected to be accountable to these essential factors and the report mentions that more companies are expanding their sustainable assortments and working to boost the sustainability of their supply chains. To work on this some companies are leveraging digital product passports, which can be embedded in items to support after-use activities such as resale and recycling.

It is also predicted that in 2022, fashion brands will have to adapt to evolving consumer demand and ramp up their efforts to reflect customer values in their assortments, supply chains, and ways of working keeping in mind the looming climate crisis.

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