People
People play arguably the most important role in the fashion industry, the relationship between brands and their consumers is vital as all transactions are built on a mutual trust in each other. Gen Z identity has been shaped by the digital age, climate anxiety, and covid 19. They believe in doing their part to stop further climate change, encourage greater equality for all, and demand accountability. However with everchanging trends, exacerbated by social media and influencers, consumers are encouraged to buy more clothing and dispose of items from previous trends more rapidly than ever. These habits are supported by fast fashion retailers supplying accessible clothing; for example shein adds over 6,000 new products a day to their website. (BoF and McKinsey State of Fashion Survey., 2022)
Reoccurring fashion from previous eras has encouraged Gen Z to buy from vintage stores and 2nd hand platforms. Fashion resale has experienced massive growth thanks to Gen Z which helps lengthen the lifecycle of a garment. (McKinsey & company., 2023) However it has created an opportunity for fast fashion dupes which are more likely to be cheaper and have more product range. In order to attract Gen Z consumers brands such as ASOS have released a marketplace within their website with over 600 second hand brands and boutiques. This attracts consumers as ASOS is an online store with easy returns and quick payment including apple pay which helps to complete transactions.
Diversity refers to the recognition and respect for differences between individuals, communities, and cultures. (Conde Nast glossary., 2020) Diversity within the industry can include showcasing a wide array of ethnicities and body types on runways/advertisement and producing products suitable for them. Fenty has been praised for working with an array of diverse, talented people and producing makeup and lingerie for all. Shaholly Ayers is a congenital amputee and was the first model to walk at New York fashion week without a prosthetic. She said working with Rihanna was ‘unreal’ and she was proud to be part of the most inclusive production she’s ever done. (Forbes, Cat-Wells, K., 2021)
Key people skills needed in the new fashion industry are AI and technology skills and knowledge. Skills are vital in order to stop AI replacing jobs currently completed by humans. Gen Z are responsive to social media and website adds, personalised adds produced with the help of AI therefore are an important marketing strategy. A study published by Robert Williams reported that Gen Z typically want the information they receive to be targeted and personalised. 38% prefer online ads to be related to their browsing history. (Williams, R., 2019) Strengthening the relationship between Gen z and companies and adapting to the changes needed will not only help increase revenue but will lead to a more inclusive, sustainable, and reliable industry.
References:
Francis, T and Hoefel, F (2018) ‘True Gen’: generation Z and it’s implications for companies. https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies#/ (Accessed 10/10/2023)
McKinsey & Company (2023) ‘What is Gen Z’ https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z (Accessed 10/10/2023)
BoF & McKinsey (2022) ‘The state of Fashion 2022’ p.50 https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf?shouldindex=false&cid=other-eml-mtg-mip-mck&hlkid=9a0c54ae82f2464c967755e3f1700654&hctky=1926&hdpid=323e04d8-b0a2-4478-8ee2-cb5d3ea127ef (Accessed 10/10,2023)
Cat-Wells (2021) ‘Shaholly Ayers on Savage X Fenty: A more inclusive fashion and advertising landscape.’ https://www.forbes.com/sites/keelycatwells/2021/10/16/shaholly-ayers-on-savage-x-fenty-a-more-inclusive-fashion-and-advertising-landscape/?sh=1cc0c6ab1d43 (Accessed 12/10/2023)
Condé Nast glossary (2020) https://www.condenast.com/glossary/key-elements-of-fashion-and-sustainability/diversity (Accessed 13/10/2023)
Williams, R (2019) ‘Study: Gen Z opts for personalised, interactive content over privacy’ https://www.marketingdive.com/news/study-gen-z-opts-for-personalized-interactive-content-over-privacy/556101/?referrer_site=www.mobilemarketer.com (Accessed 13/10/2023)