Fashion retailers are slashing their marketing budgets as persistently tough economic headwinds place increasing uncertainty on autumn/winter 2024 campaigns.
Although the UK is expected to exit its current recession within the first quarter of 2024, the last few years of financial pressures are fast catching up with the fashion sector, with numerous brands postponing or re-working campaigns.
According to Drapers, many brands that had typically finalised autumn/winter 2024 campaigns by April are now delaying their photoshoots until June or July, and are re-focusing campaigns to be digital-only.
Citing high campaign production costs were named as the primary culprit in this year’s fashion retail campaign uncertainty, according to a marketing executive at a premium high street womenswear retailer.
They told the fashion publication: “Unless you have a high-profile celebrity such as Zendaya starring in your campaign, as in the case of Louis Vuitton, there is no reason why you should be spending a lot on a marketing campaign in this economic climate.”
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Shrunken campaign budgets are now set to play a major role in dictating the state of play in 2024, with downsized or simplified campaigns now becoming the norm.
In response to these budgetary limitations, more retail campaigns are expected to be shot in made-for-social media portrait format, targeting apps such as Instagram and TikTok, instead of being shot in the more traditional landscape style.
Many businesses are now also opting for digital-first campaigns, eschewing the pricier physical print formats in favour of more nimble online-native content.
The next 12 months are also set to prove challenging for the influencer industry, with brands cutting back on influencer marketing amid what one creative consultant called an “oversaturated” market.
