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Beyond luxury, growth of 2 to 4 percent is predicted for the year ahead, in line with the probable outcome in 2023. The European market will likely expand by just 1 to 3 percent, compared with 5 percent in the first half of 2023 and 1 to 3 percent in the second half. Slumping consumer confidence and declining household savings are expected to be the most probable causes of restrained spending. In the United States, nonluxury sector growth of 0 to 2 percent is forecast. And China is expected to be similarly challenged amid 4 to 6 percent growth, which is a slight uptick from the end of 2023 but slow when considered on a historical basis. Sportmax, Givenchy, Philosophy By Lorenzo Serafini, and Issey Miyake sent blouses, midi skirts, and button-downs down the runway that wouldn’t look out of place in an office setting were they just a shade less sheer. Chanel, Carolina Herrera, and Michael Kors took a slightly different approach with downright conservative hemlines on matching sets, pinafores, and maxi dresses. As the industry continues to be challenged by geopolitical and economic headwinds, fashion leaders in 2024 will look to strike a careful balance between managing uncertainty and seizing opportunities. With cost-saving tactics mostly exhausted, companies may focus on growing sales, underpinned by new pricing and promotion strategies. Across the industry, net intent to raise prices is more than 50 percent, according to the BoF?McKinsey Executive Survey. At the same time, reduced cost pressures could provide a potential boost to performance. We should begin by highlighting that the resounding message woven into the SS24 collections was that it?s time to prepare for the boldest Hollywood styles to infiltrate the mainstream. Much like how the naked dress became ubiquitous far beyond the red carpet, the current celeb-adored trend of forgoing pants is making its way into everyday attire, too. But don?t fret if you?re not quite ready to take on the new year in an ensemble that screams Look Ma, no pants! Many of 2023?s hero pieces including maxi skirts, office-core garments, and pretty much anything in the stealth wealth category are coming with us into the new year? but with an extra twist. With conflicts in Europe and the Middle East and strained international relations elsewhere, geopolitics is the number-one concern for fashion industry executives going into 2024, followed by economic volatility and inflation. Some 62 percent of executives in this year?s survey, conducted in September, cite geopolitical instability as the top risk to growth. Economic volatility is cited by 55 percent and inflation is mentioned by 51 percent (compared with 78 percent last year). The global average headline rate of inflation is predicted to moderate to 5.8 percent?still high on a historical basis?from 6.9 percent in 2023.1
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