The soul of fashion may be love, but its survival has always depended on desire. Both new Gen Z and maturing millennial shoppers are as passionate about their purchases as prior generations have been, but changing times have caught these prized demographics at a crossroads.
“From the economic recession a decade ago to the Fourth Industrial Revolution, millennials and Gen Zs have grown up in a unique moment in time impacting connectivity, trust, privacy, social mobility, and work,” explained Michele Parmelee, Global Chief Talent Officer for Deloitte. “This uncertainty is reflected in their personal views on business, government, leadership, and the need for positive societal change agents.”
One of the greatest desires reshaping the fashion industry is consumers’ need for authenticity, sustainability, and transparency. Young shoppers want to know where their objects of desire come from, where materials are sourced, and how ethical products are manufactured. According to Deloitte’s latest Global Millennial Survey, “Millennials and Gen Zs, in general, will patronize and support companies that align with their values; many say they will not hesitate to lessen or end relationships when they disagree with companies’ business practices, values, or political leanings.”
On the whole, the fashion industry has been slow to respond to these emergent demands, but strong pockets of consciousness do exist; raw material sourcing is becoming an area of fierce attention given that it’s the most murky link on the fashion supply chain. A new partnership between Google and Stella McCartney, designed to measure fashion’s impact on the environment, takes a big step toward much-needed transparency.
Denne historien er fra February 2020-utgaven av The Venture Magazine.
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Denne historien er fra February 2020-utgaven av The Venture Magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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