Fashion is a prevailing style of clothing that people wear to convey their mood or personality. It has a long history, dating back to prehistoric times when people may have wore animal skins to keep them warm.
In the medieval period, kings and queens defined what types of clothes were acceptable for everyday use. Religious leaders also wore clothes that showed their status.
Modern Westerners have a great deal of choice in the types of clothes they choose to wear, and they can dress in ways that express their own personality or reflect their social standing. They can follow a fashion trend by wearing the latest styles or they can design their own clothing.
The fashion industry is a global sector that encompasses the design, manufacturing, and distribution of clothing. It has an enormous international scope, employs millions of people, and generates billions of dollars in revenue.
Among the major themes shaping the business of fashion are two-track spending, opportunistic investment, and a focus on efficiency and simplicity (Exhibit 3). As the world recovers from COVID-19, these drivers will help drive stronger growth in 2023.
Classic, Formal-cum Traditional Styles:
Throughout the centuries, people have preferred classic styles that experience less change. They tend to be less formal than fashion trends and are more comfortable for daily life. They include simple pants, shirts, blazers, or suits for men and plane suits and saris for women.
Gender-fluid fashion is gaining more traction as consumers become more accepting of the idea that men and women can wear different types of clothes. This trend will require fashion brands and retailers to rethink product design, marketing, and in-store and digital shopping experiences.