Just a decade ago, luxury brands reigned and dictated the rules for the fashion industry. Vogue, Harper’s Bazaar, Marie Claire, and other fashion magazines were similar to the bible for fashionistas consisting of new style trends and lists of ready-to-wear outfits specifically hand-picked for the reader. Ironically but today is all vice versa.
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Turning the tables
As we can see from history, certain world events directly shape the viewpoints of each generation. For instance, the "Gen-Z" generation grew up during the technological revolution and was exposed to various social movements, crises, and environmental issues that have been happening in the past years.
Naturally, playing a vital role in the future of our planet causes the young generation to perceive the world differently, and their values and needs to shift. By prioritizing environmentalism, sustainability, and even diversity when making purchases, they formed new buyer behavior, which every marketer now closely follows in order to successfully retain loyal customers.
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Gen Z’s Creative Weapon
With the eruption of social media Gen Z was able to create an environment to connect and engage with others in a way that was previously unachievable. Platforms like TikTok, Instagram, Pinterest, and others, that’s once were seen as silly apps for creating posts, stories, or short videos, now is their ultimate tool.
In the digital space, any user can effortlessly share their customer experiences with certain brands, give detailed reviews of the products and broadly exchange insights with each other. With all of the information available, the youth weighs everything before making a purchasing decision.
The social media users’ ability to influence what is going to be popular and trendy is a unique phenomenon and perfectly depicts what kind of great force Gen Z holds in this sector. It directly impacts fashion on a worldwide scale rather than limiting itself inside the confines of subcultures.
Image Source: WWD
What Are The Future Prospects?
Despite the fact that the young generation is harder to trap in “the marketing nets”, they still love to spend their money on clothes. According to BOF by 2035, Gen-Z will make up 40% of the worldwide market for luxury personal items, providing the main growth for the luxury sector.
Despite inflation and incessantly raising prices in the luxury industry they still actively purchase items for personal use or invest in so-called “assets” to resell later for a higher price.
Image Source: Financial Times
How to Market Gen Z?
Concluding that as a generation that was nearly solely raised in an internet-enabled environment, they inevitably developed digital skills and needs. Their attention can only be captured for brief moments since they digest information much quicker and react to content instantly. If you weren’t able to catch their eye within this timeframe, consider them lost.
Therefore, drawing in young consumers by presenting unusual and eye-catching designs or collaborating with other brands is not enough no more. Successful businesses are those that include important concepts that address existing social and cultural issues along with an aesthetic principle.
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