People
Gen Z’s Values are the Future of the Fashion Industry
The fashion industry is in a constant state of evolution, usually due to the changing tastes of the market. As we move further into the 21st century, Gen Z is now in control of reshaping the fashion industry as we know it. Born between 1997 and 2012, Generation Z “ will make up a quarter of the population” by 2025 (McKinsey & Company, 2023) meaning that their shopping habits are much more likely to affect the actions of fashion businesses.
Taking a more ‘woke’ approach to fashion buying, Gen Z consumers are more concerned with social and environmental sustainability (McKinsey & Company, 2019) when making fashion purchasing decisions. One of the most contributing factors to a more sustainable industry is social inclusivity – which more than any generation, Gen Z is promoting. With brands such as Victoria’s Secret changing their less inclusive business model in response to backlash, it is clear that businesses that are taking more inclusive approaches to their marketing are succeeding in this fundamentally inclusive industry. An example of one of these brand is Savage X Fenty founded by Robyn Rihanna Fenty (Rihanna). As seen in {Figure 1}, Savage X Fenty’s Show Vol 4, 2022, explored the importance of inclusivity within the fashion industry which is one of the businesses unique selling points in the market of fashion and underwear.
Referred to as the ‘digital natives’, Gen Z have grown up in a world immersed in technology making them highly proficient with social media. These increased levels of connectivity give Gen Z more immediate access to fashion trends promoted by influencers. By integrating social media and commerce, Gen Z have unlimited access to browsing and purchasing via e-commerce ,which by 2027 has a projected value of $1.2 trillion (Statista Research Department, 2023). Due to the prevalence e-commerce has in the lives of Gen Zers, the generation that’s autonomous spending power is increasingly rapidly (BOF, 2020), it is becoming more detrimental for retailers to market and sell their products online.
Going into this new generation of consumers, it is key for fashion brands to connect with their customers and meet these new demands. To achieve these goals, fashion brands must have key people skills and research the Inner Development Goals (IDG’s). One of the IDG’s that could help a fashion brand connect with the Gen Z audience is ‘developing more inclusive mindsets and intercultural competence’. By having these increased levels of people skills businesses may find themselves appealing strongly to Gen Z’s values, the future values of the fashion industry.
Bibliography
BOF team, ‘How to Communicate and Connect with Gen-Z Consumers’, 2020
(Online) https://www.businessoffashion.com/articles/retail/afterpay-communicate-and-connect-with-gen-z-consumers/ (Accessed 15/10/2023)
McKinsey & Company, ‘What is Gen Z?’ (Article), 2023
(Online) https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z (Accessed 12/10/2023)
McKinsey & Company, ‘The influence of ‘woke’ consumers on fashion’ (Article), 2019
(Online) https://www.mckinsey.com/industries/retail/our-insights/the-influence-of-woke-consumers-on-fashion (Accessed 14/10/2023)
{Figure 1} Matt Winkelmeyer, 2022
Featured in article ‘How to Watch Savage X Fenty Show Vol. 4’