What’s Defining 2024 in Fashion, Jewelry, & Tech
Consumer Shifts Trends – Are You Ready to Adapt?
We are getting closer to the end of the year, and we thought we would gather a simple report about the ‘Annual Consumer Trends for 2024’ in fashion, jewelry, and technology.
We know that these analyses and reports can be boring, so we decided to prepare straightforward information from reliable sources that can be helpful to us and our peers.
You can find all the sources at the end in case you want to take a deeper look at the analysis.
Starting with fashion, the industry anticipates a growth of 2-4%, with luxury brands leading the charge. Consumers are increasingly drawn to sustainable practices and personalized experiences, reflecting a shift towards authenticity and emotional connections in shopping habits [3][4].
In the jewelry market, growth is projected from $168.36 billion in 2023 to $177.86 billion in 2024, driven by e-commerce and sustainability initiatives [1][2]. Lab-grown diamonds are particularly popular among eco-conscious shoppers [1], and Smart jewelry request continue growing.
Shifting focus to technology, innovations like augmented reality (AR) are transforming online shopping experiences, allowing consumers to try items virtually before buying [1].
AR is changing the way we shop for clothes and accessories [5]. Here’s how it benefits both consumers and brands:
- Increased Customer Loyalty: Personalized experiences foster stronger emotional connections with brands, reducing purchase uncertainty and encouraging repeat visits.
- Enhanced Business Benefits: Immersive experiences lead to higher engagement and sales, and virtual try-ons can reduce return rates by building purchase confidence. These technological advancements raise brand profiles and attract new customers.
As these trends grow, the question remains: How will you adapt your style to stay ahead in this ever-evolving landscape?
What’s on the Horizon for 2025?
Looking ahead to 2025, we expect several key trends to continue shaping consumer behavior across these industries:
- Sustainability as a Standard: With growing consumer awareness, eco-friendly practices are likely to become a default expectation, not just a trend. More brands may adopt sustainable materials and transparent supply chains to meet these demands.
- Personalization through AI and Data: Advanced data analytics and AI will enable even greater personalization in online shopping, helping brands offer tailored experiences that closely match individual preferences, potentially reshaping consumer loyalty.
- Expanding AR and VR: As AR becomes more common in retail, virtual reality (VR) may take it a step further, offering immersive “shopping worlds” where customers can experience products in a virtual space, blending entertainment with convenience.
- Rise of Smart Jewelry: As technology integrates more with fashion, smart jewelry yet is expected to evolve more, offering both style and more functionality. Consumers may see more options for accessories that double as wellness or fitness trackers, blending style with tech.
2025 promises exciting innovations, with consumers driving change and brands adapting to stay relevant. The next few years will likely redefine how we shop, connect with brands, and express our individual styles in a dynamic landscape.
Sources
[1] Jewelry And Watch Stores Global Market Report 2024 https://www.thebusinessresearchcompany.com/report/jewelry-and-watch-stores-global-market-report
[2] State of Fashion: Watches and Jewellery – McKinsey & Company https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion-watches-and-jewellery
[3] The State of Fashion 2024 report – McKinsey & Company https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion
[4] US Fashion Jewellery Market Trends Report 2024 by &facts https://www.andfacts.com/reports/us-fashion-jewellery-market-trends-report-2024
[5] Top Examples of Augmented Reality (AR) in Fashion Retail https://www.netguru.com/blog/augmented-reality-fashion-retail-examples