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  "documentTitle": "The State of Fashion 2025",
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      "text": "Fashion customers consistently adopt cost-conscious shopping behaviours, with 64 percent of US shoppers trading down in the third quarter of 2024. Over 70 percent of customers plan to purchase from outlets or off-price retailers in the next 12 months, even if their discretionary budget increased. Nearly one in three US adults say they intentionally bought a dupe of a premium or luxury product. Half say they bought it for cost savings, while 17 percent would continue to purchase dupes even if they could afford the original item.",
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      "text": "EXECUTIVE PRIORITIES",
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      "text": "Identify a brand value proposition that resonates with customers based on their trade-down behaviour and definition of \"value,\" by focusing on price or quality, for example. Emphasise value in brand communications to earn customers’ trust and convince them a product is worth purchasing. Consider embedding value into the product proposition and channel strategy. Determine whether launching new value-orientated products, price points or channels, such as resale or outlets, would appeal to shoppers, while protecting core brand equity.",
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      "text": "Macroeconomic pressures and rising prices have driven fashion shoppers to adopt cost-conscious behaviours. This is expected to persist, even as some economies begin showing signs of recovery. This dynamic is fuelling growth in segments with strong value-for-money perception, such as resale, off-price and dupes, among others. To capture customers’ share of wallet, brands will need to prove their value.",
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      "text": "05. Value Shift",
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