Purpose
Purpose is the fundamental reason for why something exists, in business this consists primarily of their vision and ethics. For example some businesses may prioritise sustainability and making the fashion industry more circular i.e. going beyond the profit aspect. Brand philosophy is especially more important for current and future fashion businesses as gen z values transparency and ‘demands purpose and accountability’ (McKinsey, 2023). Having a purpose, especially one that goes further than increasing profits is favoured and aligns with the values of Gen Z who want to see a businesses values reflected in their involvement in supporting, advocating and being involved in social issues. Being successful as a business involves ensuring that consumers are kept in loop and being open about progress and areas that need improvement. Engaging in communication, especially with Gen Z is vital so that they can assess whether their visions align with the business, and that they are supporting and giving their money something that they are proud of.
Patagonia is a designer of outdoor clothing, its main purpose being to save the planet. The business ‘appreciates all life on earth is under threat of extinction’ (eu.patagonia.com, n.d.) therefore they have taken the initiative to make all their products sustainable so that they are fulfilling their aim to protect and defend life on earth. They communicate well with their customers to show they are sticking to their core values consistently, which is a major reason why they have a strong customer base who trust that the company is being honest with their business activities and therefore align with their own important values of how a business should operate. They have been able to build trust through having a clear and maintained purpose that is showcased throughout. The commitment that they have to social and environmental responsibility is a unique selling point for patagonia and sets it apart from other competitors in the outdoor clothing industry.
Generally Gen Z are for decreasing or controlling the intensity of the climate crisis and also for other world issues such as better working conditions and reducing the negative effects of fast fashion and over consumption. The strong opinions and demand for purpose demonstrates the importance of brands having a vision for their business so that they can connect with their consumers and create a stronger relationship through shared values. Without this purpose, it may be difficult for not only consumers but those working in the business to feel connected with the brand and what it’s about.
eu.patagonia.com. (n.d.). Business Unusual – Patagonia. [online] Available at: https://eu.patagonia.com/gb/en/business-unusual/.
McKinsey (2023). What is Gen Z? [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z.