Whether it is for economic or social reasons, there are some goals that fashion companies should strive to achieve. Some of them include Accountability, Transparency, and Sustainable development. This article discusses a few of these goals and the economic and socio-cultural trends that might affect them.
Sustainable development goals
The fashion industry is a multi-billion dollar global sector that employs over 300 million people across the value chain. It faces challenges such as environmental degradation and social inequalities.
Sustainable development goals are a universal framework for taking action. They aim to address poverty, inequality, and climate change and promote long-term prosperity. Using SDGs can help you benchmark your commitments to sustainability and worker rights.
There are many ways to measure and track your company’s progress toward SDGs. There are other frameworks that you can adopt as well. Ultimately, though, it will come down to how you choose to implement them.
One of the essential aspects of sustainability in Forever 21 nonprofit is social responsibility. You have to ensure that your workers and suppliers have decent wages. Paying fair wages can drastically reduce poverty levels.
Accountability and transparency
The Fashion Sustainability and Social Accountability Act would require global fashion manufacturers to disclose their environmental policies and impact on the environment. They are also required to register greenhouse gas emissions and water consumption. Environmental advocacy groups back these acts.
The fashion industry is a complex system with many supply chain partners. As a result, it makes it difficult for companies to ensure that their actions are responsible and protect the environment.
There is also a need for more visibility within the supply chain. Consequently, this allows for unsafe and exploitative working conditions to thrive.
The Future of Fashion revolves around equality, justice, and decentralized participation. But to achieve these goals, the industry needs to undergo a radical paradigm shift. And it’s time for consumers to hold brands accountable.
Economic factors
Whether you’re a retailer, consumer, or both, you’re not alone in your quest to be a trendsetter. Unfortunately, as the economy grows and affluent shoppers clamor for the latest and greatest, the fashion industry needs help keeping up. As a result, several private companies have gone belly up over the past few years. Luckily, the fashion industry has well-defined standards to guide and ward off the worst offenders. Aside from standardized business practices and procedures, there are many valuable resources to draw on, from research and development to sourcing.
Socio-cultural trends
Socio-cultural trends influence fashion, including color trends, accessories, fabrics, and more. These trends are powerful vehicles for social change and can help to unite the marginalized. They can also be used to deliver messages about social issues such as climate change and equality. Therefore, identifying these trends is essential to better align your company with society.
A recent study found that young people are increasingly ordering clothes online. In addition, the survey found that the teen generation is more likely to buy clothes online than other age groups. This study also showed that the online purchasing trend directly responds to the digital turn in the fashion industry.
The research also discovered that the Internet is a popular source for youth to view fashion from around the world. In addition, young consumers have become used to the internet and mobile phones.
