How Community Became Fashion and Beauty’s Strongest Currency

Rising costs, economic uncertainty and evolving consumer expectations are reshaping how people engage with brands.

According to BoF and McKinsey & Co.’s The State of Fashion 2025 report, shoppers are increasingly discerning, with more than 40 percent of consumers in the US, UK and Germany spending less on fashion in 2024 than the previous year, even if their discretionary budget had increased. In this climate, acquiring new customers is expensive and retaining existing ones is more…