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The Year Ahead: The World’s Fragile State and What It Means for Fashion

The global economy is in a fragile state. Geopolitical tensions, inflation and the climate crisis are heightening uncertainty and volatility — and weighing on consumer confidence. For fashion leaders, navigating this will require sharpened strategies.
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The global economy is in a fragile state. (Shutterstock)
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If any questions remained as to how interconnected the global economy has become, 2022 provided clear answers. By the end of the year, few economies were spared from the effects of escalations in everything from inflation to global supply chain meltdowns to heightened geopolitical tensions, all amid a worsening climate crisis that has contributed to unprecedented environmental events, from droughts to floods to heat waves. None of this looks likely to disappear entirely in 2023.

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Further Reading

The State of Fashion 2023: Resilience in the Face of Uncertainty

The seventh annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals the industry is heading for a global slowdown in 2023 as macroeconomic tensions and slumping consumer confidence chip away at 2022′s gains. Download the full report to understand the 10 themes that will define the industry and the opportunities for growth in the year ahead.

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