Influence of the New-Gen Customers on Fashion Biz
• Different issues in the modern world, such as environmental, politics, and equality, all contribute to the decision making in daily life including on fashion.
• The market today is comprised of more than 40% of the new generation. They were born with an awareness of the movement to promote diversity. Thus, they value their self-worthiness and their own unique preferences. If a brand is unable to meet their needs, they could lose business easily.
If Louis XIV of France were to see the state of fashion in his country today, he could be shocked and speechless. Similarly, if Queen Elizabeth I were to return to the living world, she could be stunned by the modern clothing. Of course, everyone knows that the definitions of fashion in those days and today are very different. What people of the time of Louis XIV and Queen Elizabeth I believed to represent luxury was completely different from the current century. How did this evolution in values happen? One reason is for sure, and it comes from the values that the new generation acknowledge and prioritize.
At the moment, we are living in a world where the COVID-19 pandemic is rampant, the environment is deteriorated, and the support for democracy and equality are more pronounced more than ever. Before Louis XIV and Queen Elizabeth I could preach to the new generations about luxury, they would have been asked to put on their masks first before uttering a word. If they were to put on clothes made from materials that create a huge carbon footprint, they could be heavily criticized for creating negative impact on the environment. These are just examples of how various issues in the modern world contribute to the decision making in daily life, including on the fashion industry.
Currently, the market is comprised of more than 40% of the new generation. It is undeniable from an economic perspective the impact these customers’ opinions have on various brands. They were born with an awareness of the movement to promote diversity. Thus, they value their self-worthiness and their own unique preferences. If a brand is unable to meet their needs, they could be ignored and lose business easily. Accordingly, many brands have to deal with this modern challenge by designing products that will be desired by the new generation of customers.
To overcome the challenge, each brand has come up with their own action plan that works best for them. For example, in 2018, H&M released PRIDE collection for LGBT+ groups. Another example is the fashion powerhouse Balenciaga which has partnered with the World Food Programme and came up with the campaign "Saving Lives, Changing Lives" that encourages consumers to acknowledge the problem of food scarcity among underdeveloped nations. Yet another example is Moschino which has signed with black models to promote their products. These examples show the inevitable adaptation of the modern brands if they aim to survive and not lose the business empires they have laboriously built over the years.
Finally, it is obvious how the mindset of the new generations could impact the fashion industry. If brands like H&M did not adjust, they could lose customers to other brands such as Balenciaga. At any rate, if we observed the modern fashion closely, we can see how much more comfortable and unadorned clothing has become compared to the heavy embellishments popular during the era of Louis XIV or Queen Elizabeth I. This evolving fashion statement communicates that change isn't always a bad thing, because despite how much simpler the modern fashion is gravitating toward, it also reflects untold values and stories waiting to be discovered.
Sources
• The influence of ‘woke’ consumers on fashion
https://www.mckinsey.com/industries/retail/our-insights/the-influence-of-woke-consumers-on-fashion
• Gen Z’s ambition? Create a new fashion system