Quick & Easy Illustrations by Mai Manaloto
The current direction of
fashion tail winds is blowing in the direction of Asia. It is predicted that
the consumers of luxury fashion from the West will utterly deflate below 50
percent in the coming years. There will be fewer fashion forward consumers in the
West demanding novel clothing designs compared to Asia. This transition
ultimately marks the beginning of a new world for the fashion industry, wherein
consumers from emerging markets in Asia, the Middle East, South America and
Africa will dominate. Designers from outside the fashion capitals such as
London, Paris, Milan and New York, will continue to inject fresh perspectives
in clothing designs. However, this coming together between emerging markets and
more developed fashion capitals will add increasing diversification to the
fashion scene and global fashion trade. This can only bode well for business.
Clearly fashion is becoming
an international language amongst the young and the technologically savvy,
thereby making it a universal commodity. But what is the lure of the
fashion industry apart from the lifestyle and aesthetic it promotes? In terms
of business, the fact that it is a trillion dollar business makes it very
attractive. Fashion trade which includes retailing, textile and apparel manufacturing
is big business, providing employment to thousands of people all over the
world. Another thing worth noting is that a majority of the textile and apparel
manufacturing sector is already found in Asia. The Asian fashion market in
particular is rapidly growing at a rate faster than ever seen before. It’s
growth rate is progressing faster than traditional fashion markets in France,
Italy, UK and USA. It is already expected that the Asian fashion market will
rule over the North American and European markets in the near future.
It is no secret that not too
long ago, the Asian fashion market lagged behind the North American and
European markets. But we can see significant changes taking place. Changing
consumer tastes can be regarded as the main reason. Women’s taste in fashion is
simply changing. After years of buying only status brands, more women are now
into embracing a unique personal style. Fashion forward Asian women want to
have distinct looks instead of turning to the same old luxury brands. Consumers
are hungry for interesting designs, quality materials, and sensitive to issues
such as corporate social responsibility. Many people are now demanding ethical
fashion goods and services. In East Asia, Japan has been a major hub for
lovers of fashion. On average, the Japanese spend 7 percent or more of their
income on fashion goods. Japan popularized the idea of street fashion such as
the Harajuku trend. On the other hand, the traditional fashion market of Hong
Kong prides itself with a novel form of the fashion industry. It is mainly
influenced by the Chinese fashion market. It has a well developed fashion
manufacturing and retail industry, and frequently organizes
internationally acclaimed fashion shows.
South Korea’s innovative take
on the fashion retail landscape is also worth noting. Koreans have popularized
the K-pop fashion phenomenon. This is a remarkable adaptation of a more nuanced
luxury lifestyle in Seoul. Coming to the Philippines however, fashion
styles have to be head turning to gain appraisal. Western dressing is still
predominant and the Filipino market is more than ever open to global brands.
Local retailers face challenges competing with international brands. But a
solution to this apparent disconnect between local retailers and the deluxe
Filipino fashion market is the simple need to revamp the brand image to one
with a more Western appeal. In the Islamic state of Malaysia, modest-wear is taking the spotlight. Muslim
consumers have sought clothing that are not only in tune with their religious
beliefs, but also stylish within the context of the 21st century. Muslim
consumers made up an estimated 11 percent of the global demand for fashion
apparel. While Indonesia is the largest Muslim-majority nation in the world,
its spending on Islamic fashion is dwarfed by wealthier markets in Turkey
and the United Arab Emirates. This is the case despite the fact that 60 percent
of the world’s Muslims live in the Asia-Pacific region alone.
Focusing on India, here the sportswear market is
seen to be growing rapidly. It witnessed a 22 percent increase from 2015 to
2016 alone and is expected to continue on its upward trajectory in the coming
years. There are many factors that account for this increase in fashion
consumption in the Indian Subcontinent. These include rising incomes and a new
awareness of lifestyle choices which have allowed people to focus on health and
wellness. These social, cultural and market shifts in the years to come is
gearing India up for its biggest sporting boom to date, making the country’s sportswear sector
increasingly attractive to local and international brands. The biggest driver
for sportswear purchases is the fact that India is a very young
country. In fact, it is set to become the world’s youngest country with 64
percent of its population in the working age group by the year 2020.
Asia’s emerging fashion
market is a result of population growth, particularly its emerging fashion
youth demographic. About 58 percent of global millennials reside in Asia
who are finally reaching the median age of 23 and demanding more stylish
apparel. The age of the flaming youth will always influence the fashion
industry. Fashion world prominence will always involve designers turning to the
youth culture trend. Especially due to the internet’s
democratizing effect, the youth now have the tools to access information,
and create and promote
their own fashion culture.
