People
“People” are one of the 4 pillars in the fashion business strategy that focuses on the social aspects and issues of the fashion industry. People in general make a significant contribution to the industry due to being the influence of dynamic markets and business decisions, considering they are the main prospect of changes in social trends.
Gen-Z consumers are the people that are born from 1990-2007, and “are true digital natives: from earliest youth, they have been exposed to the internet, to social networks, and to mobile systems, due to the rise in advanced technology” (Francis & Hoefel 2018). This resulted some Gen-Z and late millennial consumers being prone to the internet and are under the influence of social media when it comes to fashion, such as style and the standard of beauty which contrasts with the generations of shoppers before them. Technology has empowered young people to alternate the generational society narrative, which brings in new attractive opportunities and challenges for companies (“True Gen”: Generation Z and its implications for companies: Tracy Francis, Fernanda Hoefel, Page 9). Due to the introduction of advanced technology, this enabled a rise of e-commerce usage.
Regarding fashion, Gen Z consumers look more into the style, aesthetic, and the sustainability of a product rather than the convenience or price, creating a division between the millennials. “Significant numbers of Gen Z do also value the price and convenience benefits of online, but they are less likely to value these things than millennial shoppers. For instance, 59.5% of millennials like the convenience of online shopping, compared with 43.3% of Gen Z. And 57% of millennials like to shop around for the best price, compared with 46% of Gen Z. 47.4% of Gen Z and millennials say they are willing to pay more for sustainable and ethical fashion in comparison to last year with 40.7%” (Drapers 2022). Therefore, changes in preferences may influence the way a business operates to achieve success.
Gen-Z consumers also look for diversity in fashion as they look to break the unhealthy standards of beauty set by the dominant culture. Diversity is key in terms of people as this opens a door for all demographics to be distinguished, which provides more choice and allows for people to be appreciated. Businesses have conceded this awareness to be spread and this resulted in an increase in demand for more minorities to emerge in the fashion industry. For example, Victorias Secret used to display very slender and aerobic women usually with Eurocentric features to be their representative so-called “angels.” The Victoria’s Secret fashion show ran from 1996-2018 was watched by millions at its peak and was called out for objectification, lack of diversity and cultural appropriation (Colette Bennett 2022). This dismissed other women’s bodies and had a narrowed focus on the male Gaze to what they considered “sexy” which corrupted the business’s reputation as being misogynistic. Due to this controversy, Victoria’s Secret acknowledged that the marketing was dated as the brand value eroded and its competitors participated by positioning themselves as the anti-Victoria’s Secret complete with more typical woman’s bodies and focused on inclusivity and diversity. (Sauna Maheshwari, Vanessa Friedman 2021).
REFERENCES:
Collette Bennet, 2022, ‘Victoria’s Secret Is All About Diversity Now’ [online] TheStreet. Available at: https://www.thestreet.com/investing/victorias-secret-is-all-about-diversity-now-but-i-still-wont-shop-there
Francis & Hoefel ,2018. ‘True Gen’: Generation Z and its implications for companies [online] McKinsey&Company. Available at: https://www.mckinsey.com/~/media/McKinsey/Industries/Consumer%20Packaged%20Goods/Our%20Insights/True%20Gen%20Generation%20Z%20and%20its%20implications%20for%20companies/Generation-Z-and-its-implication-for-companies.pdf [Accessed Oct 13, 2022].
Faramarzi. S 2021. “Post-pandemic playbook: What Gen Z want from physical retail” [online] Vogue Business. Available at: https://www.voguebusiness.com/consumers/post-pandemic-playbook-what-gen-z-want-from-physical-retail-adidas [Accessed Nov 3′ 2022]
GRAEME MORAN, 2022. Gen Z and Millennials 2022 report [online] Drapers. Available at: https://www.drapersonline.com/insight/drapers-bespoke/gen-z-and-millennials-2022-report [Accessed Oct 13, 2022]
Maheshwari. S and Friedman. V, 2021. (Victoria’s Secret Swaps Angels for ‘What Women Want.’) [online] The New York Times. Available at: https://www.nytimes.com/2021/06/16/business/victorias-secret-collective-megan-rapinoe.html
Tracy Francis, Fernanda Hoefel, 2018 (“True Gen”: Generation Z and its implications for companies: Page 9). Available at: https://www.mckinsey.com/~/media/McKinsey/Industries/Consumer%20Packaged%20Goods/Our%20Insights/True%20Gen%20Generation%20Z%20and%20its%20implications%20for%20companies/Generation-Z-and-its-implication-for-companies.pdf [Accessed Oct 13, 2022]