Let’s talk about 2024 predictions based on facts
Wouldn't it be cool if, at the start of each year, we could use a magic ball to see what's gonna be the big deal in the coming months? You've probably seen some articles talking about what's up in the textile world for 2024 but, let me tell you we can't really predict everything, that's what makes it so awesome. So, since we're still waiting on those psychic powers to kick in, we're keeping it real and trying to figure out the big trends for the next few months based on the only solid evidence we've got: facts.
Let's see what the fashion industry can expect this 2024:
Prediction nº 1. Climate's gonna keep changing, so yeah, it's not a passing thing. You better take action now!
Facts backing this prediction. Do you need more evidence than the multiple floods that took place in some of the main countries in the textile supply chain during 2023? Or that last September was the September with the highest temperatures recorded to date? Failure to adapt supply chains to address climate-caused disruptions could result in a potential loss of $65 billion in export earnings by 2030. Don't say we didn't warn you!
Prediction nº 2. Sustainability regulations are going to be upon you, catching you off guard!
Facts backing this prediction. We've been going on and on about regulations, and you thinking their enforcement was way off in the future. Well, no! The European Union has been cooking up 16 pieces of legislation for the past years, and in 2024, they are transitioning from development to implementation. Not ready yet? You might be already late!
Prediction nº 3. You won't get far without collaborating, remember that suppliers are your allies to achieve your goals!
Facts backing this prediction. According to Boston Consulting Group, to achieve a significant improvement in sustainability, the fashion industry needs between $20 billion and $30 billion in funding annually. Do you think suppliers can secure this investment on their own to provide you with the latest innovations? The short answer is no, it requires all industry stakeholders to collaborate to transform the industry.
Prediction nº 4. No chance for greenwashing in 2024! Consumers won't buy the idea that your product is sustainable unless you can prove it.
Facts backing this prediction. There’s no room for terms like “eco-friendly” or “conscious” on your products, 34% of the market places greater trust in brands recognized as sustainable by a third party. How are you proving that your sustainable claims are real? Focus on that!
Prediction nº 5. AI can either be a blessing or a curse, it's all in how you use it for your business!
Facts backing this prediction. It's funny to believe that AI is the fix for everything. Even though the public is willing to spend 20% more on brands that use AI, the use of this tool must be supported by the human filter to avoid facing data privacy risks.
At BCome, we appreciate forecasts, but we value tangible facts that substantiate reality even more. Stay updated with our latest content!
Sustainability Professor. EU Bioeconomy Youth Ambassador. Changing fashion for good at BCome. Msc Sustainable Business & Innovation.
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