People
From creators to consumers the world of fashion revolves around people. The market is extremely interactive, and without the engagement of people, the industry would be obsolete. Therefore, companies need to understand their demographic and how to effectively target their customers.
Gen Z is a new wave of consumers raised by technology, as a result of this they are referred to as “Digital Natives” (McKinsey & Company, 2023). They are the first generation to grow up alongside the internet at their disposal. One aspect of Gen Z’s consumer behaviour is that they want instant access, they have generated a trend of “super-convenience”, pushing for a “now economy” (Morgan G, 2022). They gravitate towards companies which allow them to receive items instantly, such as Amazon. Drapers found that, out of their respondents, 45% wanted a same-day or next-day delivery (Morgan G, 2022). Emphasising Gen Z’s trend-chasing habits and rapid nature as consumers. Despite this, as young consumers Gen Z strive for individuality and conduct themselves with a high ethical code, they are deeply concerned with the social and environmental impacts of their purchases (McKinsey & Company, 2023). Many of these young consumers would avoid brands that don’t share their values, in the McKinsey report of 2023 they found that two-thirds of consumers worldwide would avoid, or boycott companies based on their stance on controversial issues (McKinsey & Company, 2023). Another statistic that emphasises this cohort’s desire for social justice and environmentalism is that 46.8% of Gen Z say they have abandoned a purchase that didn’t align with their values (Morgan G, 2022).
To attract Gen Z brands need to be diverse, this generation is extremely progressive and is attracted to companies that reflect this. A prime example of a well-articulated and diverse brand is SKIMS by Kim Kardashian. The reason for this is she has created a company that embraces body positivity and encompasses women from all walks of life. In the SKIMS campaign, she uses a vast variety of models, these being different ages, sizes, skin tones and careers. This shows to the consumers how diverse the company is as they advertise that their product can be worn by everyone. Unlike SKIMS, companies like Victoria’s Secret have previously been known for being less inclusive, especially when it came to the sizing of their models.
In today’s climate, there are certain skills brands need to succeed. One of them is being ethical, especially if they want to appeal to Gen Z, as sustainability is a fundamental value for many. Additionally, brands need to promote inclusivity and show compassion in this progressive society. Lastly, being able to adapt to the ever-changing nature of technology is essential, companies need to be able to market themselves effectively on social media and creatively engage with customers.
Bibliography:
What is Gen Z? (2023) McKinsey & Company
Moran, G. (2022) Drapers, Gen Z and Millennials 2022 https://www.drapersonline.com/guides/gen-z-and-millennials-2022