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.