Reflecting on 2023, the fashion industry faced disruptions from natural disasters, high inflation, worker protests, and a shift away from China, pushing brands to seek greater transparency in their supply chains. As we move into 2024, supply chain challenges are expected to persist, alongside new legislation in Europe and the U.S. focusing on sustainability and forced labor. The McKinsey & Company State of Fashion 2024 report highlights that 70% of top procurement officers view improved supplier transparency as essential for navigating market uncertainties. The report also notes that over half of industry executives plan to increase reshoring or nearshoring, with many opting for diversified sourcing.
Traceability has become crucial due to the Uyghur Forced Labor Prevention Act (UFLPA), and there is growing pressure for stricter enforcement and penalties to combat illegal trade. Sustainability continues to be a major focus, with increasing demand for sustainable fabrics and practices, including lower-impact materials and plant-based fibers.
The industry is also grappling with supply chain issues, including rising costs in trucking and fluctuating ocean freight rates. High inflation and unstable fuel prices are contributing to these challenges. In response, brands are seeking fixed-price contracts and long-term agreements to manage costs more effectively.
Consumer trends for 2024 highlight a shift toward conscious consumerism, with a preference for durable, timeless styles and sustainable brands. Gen Z, in particular, is driving this trend by prioritizing eco-friendly purchases and ethical production. Hansae, for instance, continues its “10 Percent for Good” pledge, investing in sustainability initiatives and supporting environmental causes.
Fashion trends for the coming year feature bold floral patterns and vibrant jewel tones, as seen in major fashion capitals like Milan, Paris, New York, and London. These trends reflect a move toward high-impact designs and luxurious colors for Fall/Holiday 2024.