According to the McKinsey State of Fashion 2021 Survey, 68% of fashion executives expect shopping for occasionwear to recover by the end of 2021 at the earliest. Our recent report looks at ‘The New Face of Formal’ emerging from the 2020 occasionwear slump, focusing on the macro shifts, the key consumers that you should be targeting, and what this will all mean moving forwards.
The Big Picture
Lifestyle shifts including the work from home revolution, the growth of rental fashion, and the loungewear evolution are motivating change in the smart and occasionwear markets. The pandemic has accelerated the shift to casualisation and displaced the role of formalwear. Versatility, ease, and functionality are shaping this shift as consumers establish hybridised wardrobes. Our report focuses on this evolution, highlighting recent launches and product evolutions supporting this movement.
Key Consumers
Coming out of the pandemic, consumers’ attitudes towards dressing are changing, with new style tribes evolving. The New Face of Formal report highlights key consumer groups, from the Workleisure Optimisers to the Considered Curator, identifying who you should be targeting, and how, including the key items and details that should feature within your range. Linking back to the big picture, our consumer profiles vary from an elevated comfort-focused mentality, to a more expressive and style-savvy consumer.
What This Means
Convenience, simplification, and comfort are amongst the key drivers of this smart and occasion evolution as changing lifestyles, habits, and priorities evolve how we dress. With only 12% of UK consumers intending to return to their pre-pandemic fashion choices, businesses must adjust their traditional smart and occasionwear offering to fit these new consumer groups.
To learn more about the macro shifts and the key consumer profiles, request the report: info@bdalondon.com