People
People are the backbone of the fashion industry. From designers, suppliers, manufacturers to consumers the people within the industry play crucial roles in ensuring the industry is connected.
I will be delving into consumers, specifically Generation Z. Often referred to as “Gen z” the first digital native generation consisting of people born between 1996-2010. (McKinsey & Company 2023) it’s imperative brands understand gen Z as they will form a quarter of the population of the Asia–Pacific region by 2025! (McKinsey & Company 2023) Gen z tend to have understanding of sustainability, inclusivity, ai, media, gadgets and a form of emotional and educated consumerism, (Mitterfellner, O 2019) hence, challenges may arise for businesses to seamlessly integrate emotion, human “realness” and the advantages of technology to connect with gen z (Tredre roger 2019)
It’s important for brands to recognise the shift in gen z shopping patterns, platforms and preferences compared to previous generations. Specifically, social media and digital marketing as 60% of both Gen Z and millennials now buy via social media (Moran, G. 2022) Additionally, 60% of Tik Tok’s 1 billion + users are gen z! (McKinsey & Company 2023) This is a shift towards valuing more community as platforms such as tiktok continues onto the meterverse, (Moran, G. 2022) providing brands with opportunity to connect and target gen z. (Bloomberg estimates the metaverse could be £627bn market opportunity by 2024. Yet, as it is important for fashion brands to understand how to tap into the emotions of desire with all young generations they mustn’t alienate the older generations (Mitterfellner, O. 2023)
Key ways brands can attract gen z is by aligning with the values of gen z. Next gen brands such as Jacquemus and Coperni are in the limelight as are bringing in new ideas, diverse talent and fresh approaches and attract new and equally diverse consumers from all global cultures (Mitterfellner, O. 2023) as gen z often choose brands that have a strong story/ purpose, and commitment to green practices. (McKinsey & Company 2023) Collaborations within big luxury houses are popular in targeting gen z, who perceive luxury in a new and different way. Eg: Gucci and Adidas & Tiffany and Supreme collaborations appalling to gen z! Luxury brands delving into pop up shops in cities eg: crtz and trapstar doing luxury giveaways is appealing to the consumer in a forward thinking way! (Mitterfellner, O. 2023) Furthermore, brands offering more circular fashion normalities being on platforms such as thredup or opening their own sustainable pre loved range eg: urban outfitters, urban renewal can also aid these brands being in line with gen z!
Rare beauty, founded by Selena Gomez, has successfully responded to diversity as are breaking down unrealistic standards of perfection. Rare beauty consciously crafts their products in an environmentally friendly and inclusive way, wanting ‘easy use’ to be the forefront so everyone can use their products eg: packaging shapes keeping in mind disabled. The social rare impact initiative goal is to raise £110 million over the next 10 years to help give people access to mental health services! (rare beauty)
As the industry and the people progress it is essential that communication, awareness, collaboration and fast forward thinking individuals are involved who have key understandings of not only the brand but competition, the industry, the future and the consumer.
“About Rare Beauty: Rare Beauty by Selena Gomez.” Rare Beauty, www.rarebeauty.com/pages/about. (Accessed 15 Oct. 2023).
Moran, G. (2023) Gen Z and millennials 2023 report, Drapers. Available at: https://www.drapersonline.com/insight/drapers-bespoke/gen-z-and-millennials-2023-report(Accessed: 14 October 2023).
Francis, T. and Hoefel, F. (2018) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: 14 October 2023)McKinsey & Company (2023). What is gen Z? Available at: https://www.mckinsey.com/featured-insights/mckinseyexplainers/what-is-gen-z (Accessed: 14 October 2023)