R.E.S.C.U.E: Samsung Fashion Institute predicts next year's trend

The fashion industry suffered a large decline in 2020 because of COVID-19. / gettyimagesbank

By Park Ji-won

Samsung Fashion Institute, Samsung Group's fashion affiliate, said the market should prioritize business recovery next year and adapt to the changing habits of consumers who are looking to buy less and are seeking unique products online amid the COVID-19 pandemic.

The institute has picked six key words reflecting market prospects for the next year ―restoration; expansion (of digital commerce); shopper-centric; culture (code as brand); unique (but essential) and environmental (social and governance) ― which it calls R.E.S.C.U.E.

Samsung Fashion Institute said the fashion industry, which suffered a large decline in 2020, should seek a recovery next year by boosting consumer confidence and improving the old-fashioned business process.

The institute predicted that digital commerce will largely grow as online distribution channels become dominant in the fashion industry and that “live commerce,” which has been introduced recently, will become common. It urged offline stores to redefine their appeal to customers in order to survive.

The institute also said more consumers would buy less but choose more meaningful products after the pandemic and think of their consumption as a reflection of their identity.

It said the definition of the fashion brand is changing; the quality of the product is not equal to the brand itself and the brand should be understood as a culture while stressing that the shopping platform is more important than the brand itself.

The institute expects that consumers will seek greater diversity in fashion, meaning that individuals will not be led by trends set by designers and break the formality. They are also more likely to consider environmental, social, and governance (ESG) criteria.

“As we need a vaccine and a cure to overcome COVID-19 and live an ordinary life, we will need an emergency rescue to tackle the decline of the fashion industry and the consumer sentiment drop,” Lim Ji-yeon, director of the Samsung Fashion Institute, said. “It is time to regain market share and reshape the industry.”