The global fashion industry faces a pivotal year in 2025, marked by economic headwinds, shifting consumer priorities, and transformative opportunities, according to McKinsey & Company’s State of Fashion 2025 report and related analyses.
The average U.S. household now shops across 39 unique retailers each year, with omnichannel shoppers spending nearly twice as much as single-channel shoppers, according to a 2025 report by Circana LLC.
China’s luxury market experienced a significant decline in 2024, contracting by an estimated 18%–20%, according to Bain & Company’s latest report on the China Luxury Goods Market.
The online resale market is experiencing a remarkable boom, according to ThredUp’s 13th annual Resale Report released this week.
As of 2025, Generation Z—the 70 million Americans born between 1997 and 2012—has solidified its role as the most influential demographic in US fashion, blending nostalgia, sustainability, and digital-first shopping habits to redefine industry norms.