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2023 New Fashion Trend Predicted by McKinsey & Business of Fashion

by Edwina Huang on April 20, 2023

Attention fashionistas and eco-warriors alike: the State of Fashion 2023 report by by McKinsey & Company and Business of Fashion is here, and it's time to get excited (and a little bit scared).

On the one hand, the report reveals some pretty awesome news for the fashion industry. According to the experts, the market is poised to grow by 3.5 to 4.5 percent in the coming year, with e-commerce continuing to lead the charge. Plus, sustainable fashion is still on the rise, with companies increasingly investing in green initiatives and eco-friendly materials.

But hold up, before you start celebrating, let's talk about the not-so-good news. The industry is still facing major challenges, including overproduction, waste, and a lack of diversity and inclusion. And let's not forget about the climate crisis, which is already wreaking havoc on the planet and threatens to upend the fashion industry as we know it.

So what can we do about it? Well, for starters, we can all start shopping more sustainably. That means investing in high-quality, long-lasting pieces that are made with eco-friendly materials and produced in a responsible manner. And let's not forget about secondhand shopping – vintage is so in right now, and it's also a great way to reduce your fashion footprint.

Of course, sustainable fashion isn't just about what you buy – it's also about how you take care of your clothes. That means washing them less frequently, air-drying instead of using the dryer, and repairing items instead of tossing them out at the first sign of wear and tear. Plus, it's just good old-fashioned common sense – why spend money on new clothes when you can make your old ones last longer?

So there you have it, folks – the State of Fashion 2023 report in a nutshell. It's a mixed bag of good news and bad news, but with a little bit of effort and a whole lot of humor (because let's face it, fashion should be fun), we can all do our part to make the industry a little bit more sustainable and a little bit more fabulous.