People
People is one of the 4 pillars of the Planet, People, Profit, and Purpose. The fashion industry is heavily influenced by different generations and cultures. The impact of these groups on the industry is significant and cannot be ignored. People are the driving force behind the fashion industry. They shape the trends, demand the products, and influence the brands.
Gen Z is the generation born between 1996 and 2010, according to McKinsey & Company (2023). They are digital natives, socially conscious, and value-driven. They have high expectations for quality, racial justice, sustainability, and inclusivity from the brands they buy from. They are also highly creative and expressive, using fashion as a way to communicate their identity and values (McKinsey & Company, 2023).
According to Deloitte’s 2023 Gen Z and Millennial Survey, Gen Z and millennials are rethinking the role of work in their lives, with work/life balance remaining a top priority. Flexible work arrangements, including part-time jobs, are growing in popularity. The cost of living is the top societal concern for these generations, with more than half of respondents saying they live paycheck to paycheck. Stress and anxiety levels remain high, driven by financial and environmental concerns, as well as workplace pressures. Gen Zs and millennials want employers to help prepare them for the transition to a low-carbon economy. The survey also reveals that while the pandemic clearly left significant negative legacies, it also ushered in some positive workplace trends. The report looks broadly at the progress these generations feel their employers have made, where there is still work to do, and where potential setbacks may occur. It also explores how Gen Zs and millennials continue to make lifestyle and career decisions based on their values. (Moran, 2023)
To attract Gen Z, brands need to understand their needs, preferences, and motivations. They need to offer products that are innovative, functional, and personalized. They need to communicate with authenticity, transparency, and relevance. They need to engage with them on multiple platforms, especially social media and e-commerce. And they need to show that they care about the issues that matter to Gen Z, such as diversity, equality, and environmentalism (Moran, 2022).
One example of a brand that has responded well to diversity is Nike. The sportswear giant has launched several campaigns and initiatives that celebrate diversity and inclusion in sports and fashion. For instance, in 2017, Nike introduced the Pro Hijab, a performance headwear for Muslim women athletes. In 2019, Nike released the Victory Swim collection, a range of modest swimwear for women of different backgrounds and beliefs. And in 2020, Nike partnered with Black Girl Ventures, a non-profit organization that supports black and brown women entrepreneurs.
To be successful in the fashion industry, brands need to have people skills that match their products and values. They need to have a clear vision of their target audience and their needs. They need to have a strong team of designers, marketers, and managers who can collaborate and innovate. They need to have a diverse and inclusive culture that respects and empowers their employees and customers. And they need to have a social responsibility that contributes to the positive change in the world.
Reference list
McKinsey (2023). What is Gen Z? | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z.
Moran, G. (2022). Gen Z and Millennials 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022.
Moran, G. (2023). Gen Z and Millennials 2023. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2023.