The conventional wisdom around awards shows these days is that their importance as a cultural force is in possibly terminal decline. Last year’s Oscars had the second-lowest ratings ever, besting only the awkward mid-pandemic edition in 2021. Fashion brands still compete to dress the hottest celebrities, but to them the red carpet is just another marketing event among many.

This Sunday’s show is likely to provide an antidote to all that pessimism. There are more big, popular movies among the nominees, like best picture frontrunner Everything Everywhere All at Once and Top Gun: Maverick. There’s genuine suspense about who will take home some of the acting awards. And there’s the slap factor. It all adds up to a likely ratings bump, though it’s a stretch to expect a return to the days when 40 to 60 million Americans tuned in, even factoring in viewers on TikTok, which is airing winners’ speeches live for the first time.

What does this mean for the red carpet (which is actually champagne this year, departing from a tradition dating back to 1961)? The Oscars are perhaps the first major test for how the return of tailoring and elegance on the runway will resonate beyond fashion week. But we’re long past the days when there’s any real coherence to celebrity dressing: when Variety polled stylists, predictions ranged from a return of old-school glamour to vintage to pandemic-era casual. Some wardrobe choices are more certain: plenty of nominees are under contract with big brands, including Ana de Armas, who has worn custom Louis Vuitton throughout her “Blonde” awards tour. The smart money has Michelle Yeoh showing up in Armani, while Cate Blanchett will have her biggest platform yet for her statement repurposed couture.

What Else to Watch for This Week

Sunday

The 95th Academy Awards

Monday

Rakuten Fashion Week begins in Tokyo

US inflation data for February released

Tod’s reports results

Wednesday

Seoul Fashion Week begins

Dubai Fashion Week ends

US February retail sales

Inditex, Brilliant Earth report results

Thursday

Signet Jewelers, Land’s End, Designer Brands report results

Friday

Eurozone February inflation data

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