Vogue Poland and BCG on the Influence of Virtual Fashion

Cover of BCG x Vogue Report

The comprehensive annual report by the Boston Consulting Group and Vogue Poland address both challenges and opportunities created by the metaverse.

WARSAW, MAZOWIECKIE, POLAND, November 14, 2022 /EINPresswire.com/ — Vogue Poland and BCG on the Influence of Virtual Fashion

By 2030, most fashion industry leaders will have marked their presence in the metaverse which could translate into extra revenues of $25 billion a year – and that is only one of the insights coming from the newest report prepared by BCG and Vogue Poland. It was presented during the third edition of the Business Fashion Environment Summit in Warsaw on the 11th of October 2022.

While trends such as digital fashion, Metaverse, and NFTs are gaining momentum, experts are analyzing the influence of new shopping habits on the efforts of corporations to attain sustainability goals. On the 11th of October, the third edition of the Business Fashion Environment Summit (BFES) in Warsaw gathered digital fashion experts, including Stella McCartney, well-known fashion designer, Nicola Boari, former Ferrari Board Member, or Pascal Brun, Head of Sustainability at H&M, who explored the direction in which the fashion industry will develop through the lens of the BCG x Vogue Poland report Sustainability and the Metaverse in Fashion: Opportunity or Threat?

Although digital fashion is so far popular mainly in the United States and mostly among the so-called early adopters, the report demonstrates that virtual assets are becoming increasingly admired. In the United States, where the market is the most developed, the number of NFT buyers is expected to double in the next 12 months; in turn, a fourfold growth rate is predicted among European and Asian consumers. The importance of the dynamically developing digital fashion market is becoming increasingly apparent in Poland – an issue to which BCG and Vogue Poland dedicated this Business Fashion Environment Summit 2022. Among the report’s respondents, 39% bought cryptocurrencies, 23% bought avatar skins, 29% bought other assets for video games, and 10% bought NFTs.

Luxury and sports brands are likely to build the strongest position in the growing digital fashion market – as the research indicates, they are the ones most likely to generate the highest interest in NFT clothes. According to the report, the representatives of Gen-Z, that is, people born after 1995, remain the most curious about digital fashion.

Can digital fashion at least partially replace the need to buy clothes that we can touch and wear? Although 75% of participants deny it, this skepticism is less applicable to luxury products: in the case of high-end brands, digital fashion may become the fastest alternative to physical products. A huge, entirely new market is opening before our eyes.

“Along with world geopolitical changes, we are experiencing a fashion world transformation: out of the 120 largest fashion companies, 42 have established a presence in the Metaverse. How will this trend affect the sustainability of the fashion sector? As many as 20% of digital users aged 18 and 25 buy fashion products only to generate online content. In this context, digital fashion appears as an opportunity to reduce waste in the fashion sector. We cannot predict consumer behavior, but we see a clear potential for digital fashion to reduce waste and lower the level of overproduction in the fashion world,” emphasizes Oktawian Zając, Head of BCG Warsaw office.

Prior to the BFES, BCG and Vogue Poland organized a unique fully digital press conference, the first event of such kind in the history of Vogue and BCG. The conference took place in Decentraland, the game-like virtual reality that remains one of the largest Metaverse platforms.
“The digital fashion sphere is generating real revenue, and brands active in the metaverse are rapidly gaining more buyers. As the first data from BCG’s global survey shows, 19 percent of respondents have purchased virtual clothing or accessories, 22 percent have bought in-game accessories, and 62 percent have purchased digital artwork,” points out Kasia Jordan-Kulczyk, Chairwoman of Vogue Poland .

The report itself immersed in the Metaverse: BCG together with Vogue Poland collaborated with DressX on a photo session that included digital clothes of which pictures were further used in the report. Within this context, BCG and Vogue Poland announced the launch of an NFT collection in collaboration with Magda Butrym, a Polish fashion designer.

Agnieszka Szer-Andrzejczak
Boston Consulting Group
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