Yuntong Chen

Profit refers to the profits obtained by an industry or company. The part of the total revenue minus costs is profit.Profit is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

The United States and China: largest economies and the largest apparel retail markets in the world

The ten largest economies in the world as measured by nominal GDP are the United States , China, Japan, Germany, United Kingdom, India, France, Italy, Canada and South Korea. The US accounts for 24.67% of the total global economy, China has a share of 17.39%, Japan a share of 5.97%, Germany a share of 4.54% and the UK makes up 3.26%.( Investopedia article, based on The World Bank data GDP 2020.) The largest retail markets in the world are China, the US, the United Kingdom, Germany and Japan (more about that in the next paragraph ‘The Global Apparel Market).(In 2021. Source: Euromonitor International, a market research provider)

In 2023, consumers will become unpredictable and unpredictable. Brands need to carefully consider the factors that affect shopping behavior and make corresponding responses. Even if many customers reduce their expenses, brands still have the opportunity to attract customers through leasing channels and discount retailers. But these strategies need to be carefully executed to ensure that profits and brand reputation are protected. At the same time, brands need to update their marketing and design methods to reflect the changing concepts surrounding gender boundaries in fashion and dress codes. Daily office attire will become more casual, and special occasion attire will become bolder.Brands need to be more creative in marketing, attracting customers through bold and differentiated content, in order to break through the crowded digital environment where data positioning is no longer effective. In order to implement these changes and better respond to the upcoming sustainable marketing regulations, the fashion industry should rethink how to allocate talent, promote, and establish executive roles and teams to reflect the main challenges facing the industry in the coming years.(Imran Amed)

How to bridge the gap between creativity and business? When I try to provide my own answer to this question, I will examine my work as an editorial designer. I am the kind of person who tries to break through boundaries and try to make things as close to art as possible in a business environment. When it comes to promoting my concept and convincing others that people will ‘understand’, the business aspect dominates. This is something that many people do not understand about design. For the most successful designers, this not only requires technical skills (knowing how to use programs and understanding design and color theory), but also has huge sales potential. If no one buys it, no matter how successful your work is in art, it is meaningless. You must persuade people to stand on your side and effectively make them stand up and sell for you.(Tearra Marie ( @AhorashiiKagome ) Art and business are inseparable, and both should operate simultaneously in the entire fashion market. This includes imagination and innovation, as well as customer loyalty to the brand. Brands need to constantly explore new things, such as the design backgrounds of different seasons, which will be vivid and interesting in order to attract customers.

Bibliography：

Hethorn, J., & Ulasewicz, C. (Eds.). (2015). https://uncannycreativity.com/how-do-you-bridge-the-gap-between-creativity-and-business/ https://fashinnovation.nyc/fashion-industry-statistics/

Generation Z was born in an era of material prosperity, and most of them do not need to worry. However, they are the descendants of the first batch of only children, and they are also the only children themselves, and are likely to be the last batch of only children. This innate sense of loneliness is becoming increasingly strong with the support of the internet.

Generation Z, born between 1996 and 2010, represents the youngest cohort of consumers within the fashion industry. They are considered true digital natives, due to being exposed to online platforms from an early age. (Francis and Hoefel, 2018)

When we started produc­ing Drapers’ annual Gen Z and Millennials report in 2019, it was clear that these were two fascinating and influential groups of consumers – widely seen as technologically savvy, aware of climate change and fashion’s environmental impact, and yet, at the same time, engaged in a unique form of social media-driven consumption of fashion trends.

After living through several tumultuous years, from the Covid-19 pandemic to the cost of living crisis, this year’s full report reveals that these shoppers are more interesting and complex than ever. These two generations, which for the pur­poses of the report comprise 18-to-43-year-olds, (Gen Z, aged 18-27 and millennials aged 28-43, officially Generation Y, but so called because they became adults at the start of the new mil­lennium in 2000), are still a mix of contradictions. Perhaps understandably, given the complexity of the world they live in.

This year’s data, from our survey of 2,000 consumers, contains mixed messages on sustain­ability: different questions elicit different responses, but also that they are buying more sustainably than ever: 68% purchase pre-loved or second-hand fashion items. Both groups say they are planning to spend less on fashion in response to the cost of living crisis (41% plan to reduce fashion spend, up from 24% in 2022), but seemingly paradoxically, they continue to contribute to retailers’ soaring sales. In June 2023, for instance, Inditex Group, owner of high street giant Zara, reported a 13% rise in sales to £6.5bn in the three months to 30 April 2023.

Second, there are multiple sources of change for Gen Z and millennials that brands and retailers are – and will need to – keep track of and respond to. As already mentioned, the growth of recommerce via resale and rental continues, which we explore in depth in the full report. Customers now see buying pre-loved fashion and reselling their own items as normal, and, as we discuss, there are a variety of ways brands and retailers can access this opportunity without having to build an entire second-hand or rental logistics operation.

The customer experience on mobile phones is, as our data suggests, a channel ripe for con­tinued improvement. Customers are particularly keen to see more sizing and fit-related technology and other services to help them envisage what fashion items will look like, and better images, video and virtual avatars would also be well received to help bring prod­ucts to life across all digital channels.Moran, G. (2022) Drapers, Gen Z and Millennials 2022.

Gen Z also faces an unprecedented behavioral health crisis: US Gen Zers surveyed by McKinsey report the least positive outlook and the highest prevalence of mental illness of any generation, and European respondents report struggling with self-stigma. This pessimism is fueled by growing global unrest, wars and disruptions, financial crises, and educational interruptions due to the COVID-19 pandemic. Feelings of “climate anxiety” are also widely reported: many Gen Zers report that they think about the fate of the planet on a daily basis.

They are already seeing decreased economic opportunity and don’t assume a social safety net will be there to catch them as pensions shrink, saving for retirement gets more difficult, and the older population grows. Already, 58 percent of Gen Zers in a recent McKinsey survey reported not having a basic social need met—the largest percentage by far of any generation.What is Gen Z? (2023) McKinsey & Company.

We live on the same Earth and are exposed to different fashion industries every day in this world. People always dress up brightly, and everyone may have their own unique dressing style, but behind these shining colors, people often overlook the ecological crisis. In the process of producing these fashionable products, many of the Earth’s resources are always consumed, wasted, and polluted, and these resources are often limited. Tannin dye is a toxic chemical substance that releases harmful gases and wastewater during the production process. These wastewater contain toxic heavy metals and organic compounds, which can cause toxicity to aquatic organisms and the surrounding environment. In addition, workers also face risks when making and processing tannins, as these chemicals may have negative effects on their health. The tannin pollution in the fashion industry can also affect consumers’ health and the environment. When we wear tannic clothing,our skin may come into contact with tannic dyes, leading to skin allergies and other health issues. Circular economy is a resource circular economy, characterized by resource conservation and recycling, and a model of economic development that is harmonious with the environment.This model emphasizes organizing economic activities into a feedback process of “resources, products, and renewable resources”, characterized by low extraction, high utilization, and low emissions. All materials and energy can be reasonably and sustainably utilized in this continuous economic cycle to minimize the impact of economic activities on the natural environment. Therefore, the clothing industry can adopt a circular economy model, reducing waste and emissions by recycling and reusing waste clothing and materials. For example, some clothing brands have launched recycling programs to reuse or reprocess recycled old clothes. At the same time, we can raise consumer awareness that consumers should consider their environmental impact when purchasing clothing,such as purchasing products made of sustainable materials,purchasing second-hand clothing, or using the same piece of clothing for a long time to reduce waste. In short, the key to sustainable development in the clothing industry lies in adopting sustainable materials, reducing waste,promoting circular economy, reducing carbon emissions, and raising consumer awareness. Through these measures, the clothing industry can better protect the environment and achieve sustainable development. In my values, brand merchants are not just a profitable thing. I believe that in order to create a good brand, it is necessary to contribute to the world, rather than relying solely on design and resource consumption to achieve its unique design philosophy.lt focuses more on professional ethics and altruism.

We live on the same Earth and are exposed to different fashion industries every day in this world. People always dress up brightly, and everyone may have their own unique dressing style, but behind these shining colors, people often overlook the ecological crisis. In the process of producing these fashionable products, many of the Earth’s resources are always consumed, wasted, and polluted, and these resources are often limited. Tannin dye is a toxic chemical substance that releases harmful gases and wastewater during the production process. These wastewater contain toxic heavy metals and organic compounds, which can cause toxicity to aquatic organisms and the surrounding environment. In addition, workers also face risks when making and processing tannins, as these chemicals may have negative effects on their health. The tannin pollution in the fashion industry can also affect consumers’ health and the environment. When we wear tannic clothing,our skin may come into contact with tannic dyes, leading to skin allergies and other health issues. Circular economy is a resource circular economy, characterized by resource conservation and recycling, and a model of economic development that is harmonious with the environment.This model emphasizes organizing economic activities into a feedback process of “resources, products, and renewable resources”, characterized by low extraction, high utilization, and low emissions. All materials and energy can be reasonably and sustainably utilized in this continuous economic cycle to minimize the impact of economic activities on the natural environment. Therefore, the clothing industry can adopt a circular economy model, reducing waste and emissions by recycling and reusing waste clothing and materials. For example, some clothing brands have launched recycling programs to reuse or reprocess recycled old clothes. At the same time, we can raise consumer awareness that consumers should consider their environmental impact when purchasing clothing,such as purchasing products made of sustainable materials,purchasing second-hand clothing, or using the same piece of clothing for a long time to reduce waste. In short, the key to sustainable development in the clothing industry lies in adopting sustainable materials, reducing waste,promoting circular economy, reducing carbon emissions, and raising consumer awareness. Through these measures, the clothing industry can better protect the environment and achieve sustainable development. In my values, brand merchants are not just a profitable thing. I believe that in order to create a good brand, it is necessary to contribute to the world, rather than relying solely on design and resource consumption to achieve its unique design philosophy.lt focuses more on professional ethics and altruism.