Fashion Industry Leaders Grapple With Economic Pressures, AI and Sustainability, New Kearney Survey Highlights

While fashion industry executives are still “extremely concerned” about perennial issues — such as inflation and the prospect of a recession, labor and product costs, drafting effective direct-to-consumer strategies and the future of DTC retail — they are also wrestling with a host of more contemporary issues, including the impact of AI, sustainability and the trajectory of consumer change in China, according to a survey of 1,000 industry leaders conducted by Kearney, a global professional services firm, in association with WWD.

The survey results will be presented during a webinar titled, “Inside the Minds of Today’s Fashion Industry Leaders.” The webinar, to be held Sept. 10, will be led by Kearney partner and WWD Global Impact Council member Brian Ehrig, Kearney’s global head of fashion and luxury.

Ehrig will be joined by Vincent Barbat and Nora Kleinewillinghoefer, who run Kearney’s European and Americas practices, and who will share their perspectives informed by their client work and conversations. The discussion will be moderated by WWD’s executive editor of strategic content Arthur Zaczkiewicz.

“Inside the Minds of Today’s Fashion Industry Leaders” will showcase areas industry executives see as “essential” for their own companies. Survey results showed that while 49 percent of respondents identified consumer trends and insights as their number-one area for improvement, together, the primary AI applications were seen as essential by 69 percent of those polled.

Kearney also took an in-depth look at the future of sustainability spending and found that 85 percent of respondents plan on maintaining or increasing their current sustainability spending levels over the next six to 12 months.

The survey revealed that 48 percent of those polled said the number of brick-and-mortar store locations will remain the same in the next 12 months, with 38 percent expecting to add physical retail stores.

Some of the questions the webinar will address include:

• What can fashion companies do to counteract inflationary pressures?
• Will consumers spend more or less in the back half of 2024?
• What are the most urgent improvement areas fashion companies need to make progress in?
• When will the Chinese consumer market return to normal?

To register for the event, CLICK HERE.