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Illustration by Diana Ejaita for BoF. (Diana Ejaita)

With clouds brewing on the horizon, recent years might provide a sense of how the fashion industry will ride out 2024.

The industry has shown its resilience in recent years, having achieved more than double the levels of economic profit in 2022 than in all the years between 2010 and 2020 except for one, yet by 2023 the industry was facing challenges that were both persistent and deepening. On a regional basis, Europe and the US experienced slow growth throughout the year, while China’s initially strong performance decelerated in the second half. Though the picture for luxury was more positive than the rest of the market in the first half of 2023, consumers’ appetite to shop for fashion was diminishing across the board by the second half, leading to slowing sales and uneven performance. Even luxury began to feel the heat after a lengthy period of growth that benefitted the entire industry.