2024 Predictions

This week I watched Scott Galloway review his 2024 predictions (over 100 slides) and his biggest trend and prediction of the year was GLP-1 drugs (Ozempic, Mounjaro, etc) and the impact from that on the consumer industries at large.
- Retailers/clothing and consumers needing new sizes
- Healthcare related changes - less reliance on services like dialysis treatments and other supplements and weight loss products, impact to food and beverages (less interest in alcohol so alcohol sales go down, etc) but protein shakes interest increases.
Then, I saw Dan Frommer’s New Consumer Trends predictions, he also highlighted GLP-1 drugs/weightloss as the #1 trend for 2024. He has a deep dive in his presentation here. Also worth a review in his presentation are the importance and insights around TikTok Shops.
The Business of Fashion x McKinsey 2024 Predictions are out also and another trend all of these have in common is the continued importance of Travel as a luxury people are splurging on. I love the insight that a way for brands to take advantage of this is to create luxe and special experiences and pop-ups in high traffic travel destinations.
AI is an area fashion and retail need to pay attention to. As BoF mentioned, it is likely still very early, but there are so many use cases and possibilities for this in search, discovery, content creation, product innovation etc.
The Art and Science of Hyper-Personalised Shopping article from BBC (found via Lauren Sherman’s The Line Sheet)
- The more a customer shares – knowingly or unknowingly – with a brand, the more tailored their experience will be.
- From a McKinsey study:
  - 78% of customers said personalised communications from a brand made them more likely to re-purchase, plus recommend the brand to friends and family.
  - companies that excel at personalisation generated 40% more revenue from those activities than those who did not.
I have fun exploring the Pinterest Predicts trends - it is interesting seeing what specific searches are trending on Pinterest. New this year, Pinterest opened a Pinterest Predicts Pop-Up Shop which showcases their relevance in the shopping journey and their ambitions to move into the commerce space.
Stitch Fix shared their 2024 trend forecast (personally I love that they partnered with stylist Allison Bornstein for editorial content.)
CommerceNext shared their tech heavy 2024 emerging trends.

Closing Up 2023

Vogue’s recap of the 15 fashion items that defined 2023. I love how the TikTok Tabi Swiper moment made it in here too. IYKYK, if not, review my summary in a previous Retail Diary here.
Glossy published their 2023 Changemakers in the industry and Modern Retail published their 2023 Awards (Hi and congrats Lee Ann Grant!)

Luxury Shopping Trends

Recent news about Farfetch from WWD:
- Farfetch considering selling Browns to help their credit rating.
- Farfetch’s rating continues to be downgraded
- And a summary of how tough the present and future is looking for Farfetch.
Due to all the issues at Farfetch, BoF takes a look at the challenges in the luxury fashion sector.
Luxury retailers are possibly getting stuck with excess inventory this season. Department stores would have had no issues selling at a discount, but often the luxury brands are sold via concession where the brands own the shops/inventory and give a % of revenue to department stores where the concession is located. Luxury brands do this to control their pricing and assortment.
Great article on Luxury Shopping from Amy Odell The Biggest Fashion Story of 2023 Odell interviewed Dana Thomas about luxury based on Thomas’ book Deluxe:How Luxury Lost Its Luster. The biggest pivot in luxury shopping, based on this article, is the luxury fashion industry currently pivoting away from the aspirational shopper and instead moving towards ultra-wealthy shoppers. This is seen in the form of personal shopping experiences and higher-end products (one possible deviation from this could be seen as Hermés continued growth in beauty as those prices, while expensive, are considerable less than a Birkin or Kelly handbag.) Another thought on this trend, is the proliferation of quiet luxury and stealth wealth. The aspirational shopper is often going for pieces that are more obvious of a luxury label or an “It” item.

Notes on Shopping and E-commerce

Article: It’s Too Easy to Buy Stuff You Don’t Want

From the Atlantic - written by Amanda Mull

Earlier this week, in my Retail Diary: This Will Be Quick 12.12.23 I mentioned another of Amanda Mull’s article in The Atlantic and her great podcast episode with Anne Helen Petersen on the new podcast Culture Study.
Back to It’s Too Easy to Buy Stuff You Don’t Want, a few points that really stuck with me and I’ve considered in ecommerce strategy work:
- There has been so much improvement (via testing and sharing best practices) to improve shopping online. Making it easy to check out, targeting the “right” customer for the “right” product, improving security and payment storage, etc.
- I often think of businesses that have really taken off and how they removed the friction. Ex. Zappos - before Zappos there was no desire to buy shoes online. You didn’t know about the fit or how it would look on your foot. Zappos free (fast) shipping and free returns as well as PDPs that had great videos and images helped remove that friction.
- All these things are needed to improve retailers bottom lines but consumers should also consider the impact to shopping habits and make changes based on how we shop now.
Mull’s writing on consumerism and retail is really interesting and worth following. In addition, I also recommend a follow up to this article to read, This is What Happens to All the Stuff You Don’t Want for a clear picture of the end cycle for products and returns/excess inventory.

New Launches, Collabs, Corporate Moves & News

Launched
- Love a good pun headline - ThirdLove takes the PLUNGE into Swimwear
- Sharing under “Launched” category, there was a lot of buzz around the latest Bottega Veneta campaign that used paparazzi shots for their images. See here from GQ and here from Business of Fashion.
- Monica + Andy is launching a maternity line for Walmart.
- Kith is opening a Women’s store in NYC.
- eBay is launching a traveling pop-up shop selling Jenna Lyon’s personal handbags. 100% of the profits are going to Doctors Without Borders.
- Sarah Andelman (co-Founder and Creative Director from closed beloved boutique Colette) is launching a book-themed exhibition in Bon Marché.
Collabed
- The collab that felt like a mic drop moment, Glossier x Starface.
- All the fashion girls were talking about the J. Crew x Anna October Collection
- Adidas x Fear of G-d
- Parade x Betsey Johnson
- Dr. Martens x Ganni for a remake of the Jadon Boot (a solid collab partnership)
- Gap x Dapper Dan (including a kids collection)
- Ralph Lauren collab on a curated collection with Naiomi Glasses.
Corporate Moves & News
- Bandier is looking to sell its IP and assets. Looking to expedite a sale vs going the route of a bankruptcy.
- Ali Pew, Goop’s Editorial and Fashion Director, is leaving the content commerce retailer.

Images from top left (clockwise) Vogue Business Chanel Manchester show, Fashionista cover Bottega Veneta paparazzi pics, Business of Fashion x McKinsey The State of Fashion 2024, Amy Odell’s Back Row substack and Deluxe by Dana Thomas.

What else I ❤️️

Chanel shows in Manchester
Thinking I should go back to college and make this my Major.
Adding to my watch list, Billion Dollar Babies, about the Cabbage Patch Doll history and marketing.
Hoping to hav a chance to visit this Met Costume Exhibit celebrating women fashion designers.
Remember to support your local shops - my friend’s shop in Upstate New York was robbed. I love this TikTok she shared of ways to help (purchase a gift card, shop online or consign your luxury accessories with them - a great way to clean out your closet and make some cash!)
I love to read (I’m close to finishing 40 books for 2023) and many of the books in Bad on Paper’s Best Books of 2023 are also on my favorite read list and I’m adding many of the books I haven’t read to my wish list as I’m sure I’ll love them too.
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What's Next?

I’m planning to do a few Retail Diary: This Will Be Quick mini editions to close out 2023. I’m also working on my own 2023 reflections. You can see the mini newsletters all here

I’d love to hear what you are looking for from Retail Diary in 2024. How can I help? Add a comment or email me at sarahshapiro1@gmail.com

Thanks for reading Edition 147

Sarah Shapiro

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