Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Indian millennials, ‘silver wave’ shoppers and sustainable practices will define fashion and design trends in the 2020s

New technologies, fresh philosophies, the global environmental crisis and shifting demographic spending power will all define the face of fashion, design, interiors and travel in the decade ahead

The dramatic rise of India’s millennial population and its impact on fashion spending was among the major trends discussed at the second edition of Next Design Perspectives, hosted by Italian luxury association Altagamma Foundation in Milan, with leading players from fashion, design, interiors and travel offering differing perspectives on developing issues.

“We need to invent new technologies, new machines, new ways to regenerate resources in a circular way so that resources become infinite. This is the goal of the conference, and the role of the design industry as the ultimate responsible player in society,” says Andrea Illy, president of Altagamma and CEO of coffee company Illycaffè.

Altagamma has partnered with trend forecasters and data scientists WGSN to identify new developments affecting design and creativity. From the fashion consumer age gap to building a circular economy, we round up prominent trends that will shape the future.


Youth of India

It’s not news that Chinese millennials take the crown for the world’s top spending power. However, in the next decade, millennials in neighbouring India will be an equally important segment to watch.

India is expected to become the country with the youngest population in the world this year with an average age of 29, while 64 per cent of the nation’s population will be of working age.

A Morgan Stanley report shows that the coming year will see the population of millennials in India exceed 410 million, with a projected spending power of US$330 billion annually. This not only exceeds the number of Chinese millennials but is also greater than the total population of the US.

In contrast to other developed countries, including the US and European nations, Indian millennials are the leading source of income for this future global powerhouse, according to Deloitte’s “Trend-setting Millennials” report.

In common with their Chinese counterparts, this generation are brand conscious, digital-savvy and value a holistic shopping experience. However, the widespread belief that younger consumers are moving away from bricks-and-mortar retail towards online purchasing is not the whole picture. Physical shopping remains a significant channel for consumers to engage and interact with brands; omnichannel is the key.

Demographic change, together with advantageous trade policies, an expanding middle class and higher social media penetration are expected to contribute to the country’s luxury landscape taking off dramatically – if it hasn’t already done so.


Silver wave

However, while India is expecting a youth boom, the world in general is ageing. According to the United Nations, the population of “silvers” – those aged 65 and over – will increase from eight per cent of the world’s population in 2015 to 13 per cent by 2035, and will account for over a third of total population increase through to 2035.

Coresight Research indicates that consumers aged 65-74 are still spending similar amounts on discretionary goods and services such as clothing, transport and dining to younger households. With silvers such as baby boomers having more disposable time and money, in their retirement, they continue to travel and tend to outspend the average amount laid out by other generations.

While the millennial juggernaut contributes to a longer business cycle, and can wield considerable influence on the way brands plan for the future, senior consumers possess greater net wealth than younger households and can contribute to immediate revenue.

In terms of shopping channels, there will be growing demand for convenience among the silver demographic. Hence, businesses offering home delivery and e-commerce are likely to take the lead.

McKinsey says that in China in 2020 there will be an extra 126.5 million citizens who are 65 or older. Despite the established tradition of saving for harsh times, they are willing to spend more on discretionary items such as clothing, travel and leisure than the same age group in years gone by.


Reduce and recycle

Sustainability continues to be a controversial global issue. Overconsumption and the inevitable disposal of excess purchases in past decades has become a serious environmental problem worldwide. As entrepreneurs and technology develop fashion into a new frontier of the sharing economy, from peer-to-peer wardrobe exchange to B-2-C renting, fashion could be recycled rather than cast away, a trend that is set to continue. Meanwhile, the resale model will advance as a serious alternative for circular fashion.

Burberry has partnered with The RealReal, a luxury consignment marketplace, to encourage customers to resell old items from the label on the platform. In return, customers taking part are rewarded with the more exclusive shopping experience the brand offers.

In September, Gucci announced its intention of becoming a carbon-neutral company by offsetting emissions that are either inevitable or impossible to reduce through innovation or technology. It certified its spring/summer 2020 fashion show held in September as a sustainable event by donating 2,000 trees, including 200 planted by CEO Marco Bizzarri, to the city of Milan to fully offset the CO2 emissions produced by the show.

“Fashion or creativity is about freedom, self-expression, and respect; respect in terms of value and the environment,” says Bizzarri.


Home, sweet home

WGSN finds that, stimulated by economic pressure and environmental awareness, workers are transforming their homes into multifunctional spaces for living and working. The desire to look after one’s self and cultivate better mental health makes the home a sanctuary where people spend more time than usual.

The increase in the number of people working remotely, using their homes as a workplace, is affecting how consumers and businesses decorate homes and offices, from the colour scheme to materials and ergonomic choices.

For instance, Pantone chose classic blue as the official colour of the year in 2020.

“Instilling calm, confidence and connection, this enduring blue hue highlights our desire for a dependable and stable foundation on which to build as we cross the threshold into a new era,” Pantone colour experts explain.

Dulux, on the other hand, elected tranquil dawn as their colour of the year, a shade inspired by the morning sky, to give homes “the human touch”.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
×