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Coinciding with the polished preppy aesthetic is quiet luxury, which is all about wearing pieces that look and feel super expensive but aren?t blazingly so. Think perfect tailoring and high-quality materials versus blingy branding. Also referred to as ?old money style,? you can also dive into this 2024 fashion trend with accessories like bags, jewelry, and shoes.
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
We have seen sustainable fashion becoming increasingly popular over the years and we know that this will be here to stay in 2024. Keep an eye out for brands that use sustainable fabrics and don?t be afraid to dip into the world of of vintage clothing.
According to McKinsey?s analysis of fashion forecasts, the global industry will post top-line growth of 2 to 4 percent in 2024 (exhibit), with regional and country-level variations. Once again, the luxury segment is expected to generate the biggest share of economic profit. However, even there, companies will be challenged by the tough economic environment. The segment is forecast to grow globally by 3 to 5 percent, compared with 5 to 7 percent in 2023, as consumers rein in spending after a postpandemic surge. European and Chinese growth is set to slow, while US growth is expected to pick up after a relatively weak 2023, reflecting the slightly more optimistic outlook there.
Drop waists, a style of dress where the waistline sits at or below the hips instead of at the natural waist, were among this year’s standout silhouettes. At Rachel Comey and Collina Strada, elegant draping was used to achieve the effect, while Christian Siriano sent a dramatic drop-waist ballgown down the runway.
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