‘Act For Better Life’ will be the new key phrase for next year’s fashion market, according to the Samsung Fashion Institute which says that the year 2019 is expected to be a challenging year for the fashion industry as consumers increasingly search for products that can maximise convenience while meeting a variety of individual preferences.
From a business perspective, the phrase reflects robust activities to be expected among fashion firms to diversify revenue, including proactive investments in fashion-related content as well as in areas with synergetic opportunities, or conducting M and A to tackle difficult business conditions, according to Korean media reports.'Act For Better Life' will be the new key phrase for next year's fashion market, according to the Samsung Fashion Institute which says that the year 2019 is expected to be a challenging year for the fashion industry as consumers increasingly search for products that can maximise convenience while meeting a variety of individual preferences.#
The growing lifestyle market will also go through diversification in order to better meet various preferences. From a market standpoint, sustainable fashion isn’t just a trend, but a drive to innovate the fundamental structure of the fashion market, the institute argued.
In other words, brands that fail to meet sustainability requirements, as demanded by today’s consumers, will fall behind, the reports said.
From a consumer’s perspective, the institute emphasised the need to focus on the expectations that consumers hold – achieving three or more points of utility per single purchase.
“The fashion industry should come up with high-value products that can provide a variety of values to consumers, while creating relatable storytelling schemes to meet the needs of consumers from all angles,” said the institute, according to the reports.
From a brand standpoint, innovation will become more important to bring new and lively energy to brands. Creating sub-brand line-ups, working with new brands and refreshing brand perception are some of the important tasks that the institute advises. From a styling perspective, the institute focused on various goods and services that make everyday life more flexible and leisurely.
Comfortable and practical daily styling as well as workwear designed to fit individual personalities and an office environment will be the case in point, the reports said.
“Implementing the key phrase first requires flexible and efficient organisation,” media reports quotes Lim Ji-yeon, director of the Samsung Fashion Institute, as saying.
“Quick decision-making, communication networks and logistics infrastructure to address real-time needs of customers, as well as fundamental change in the organisational culture behind staff are crucial,” Ji-yeon added. (SV)
Fibre2Fashion News Desk – India
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