people
People are one of the pillars of the fashion business, which are the centre of every organisation with impacts across all social and cultural dimensions of our world.
Members of Gen Z are true digital natives, immersing in the internat ,social networks and mobile systems since their earliest age .They are comfortable at deal with and accept many source of information from different area , integrating virtual and offline experiences.beause of their excellent cognition.GenZ as customers,( Francis & Hoefel,2018) their consumption as an expression of individual identity, which means they will pay a premium for personalized offerings and customized touches. What’s more, GenZ, pay more attention to ethical concern and also have high acceptability to the new form of consumption products become services and services connect consumers.
Gen Z is more likely to value brand names and the ability to resell a fashion item. This means brands should consider reselling ability at the producing stage to improve the competitiveness of their products (Drapers,2022).
Rental and resale continue to grow in popularity among younger shoppers, in line with Drapers 2022 data,39.8% GenZshoppers have bought second-hand and would do so again.
The logistics models of the rental market could be intricate yet, however, investment continues to flow into this part of the market, in March 2022, peer-to-peer rental app ‘By rotation’ raised 2.3million pounds in seed funding to support its international expansion plans, a lot of luxury brand also join in to explore this channel, like Burberry.
It’s worth noting that in 2022, 51% of Gen Z express the willingness to pay more for sustainable and ethically made items(Drapers,2022) Many brands already launched their sustainable line for a few years and start their recycling plans, but most of these still remain in a small scalp, facing a lot of technical barriers, some fast fashion brand even was doubted that they just the ‘greenwash ‘for their brand to reassure customer, just a few brands like Patagonia and Pangdaia now be accepted by the public as doing well at sustainability. So brands and companies with a larger capital base should invest more in circular and sustainable technologies from production, educating Gen Z to have more distinguishability for sustainable goods.
Besides, the number of people who buy fashion via social media continues to rise with the number of people who say never use social media before for fashion inspiration has fallen from 19.4% in 2021 to 14.9%. According to Drapers (2022) data statistics, 62.8% of Gen Z in the past 12 months browse Instagram for fashion inspiration and 60% of both Gen Z and millennials purchase by clicking through a social media post. In that case, it’s very necessary to improve the Gen Z convenience online shopping experience by providing more relevant commerce opportunities and remaining the brand news active and media exposure in their social strategies.
Fashion brand retailers should also keep a close eye on developments in the metaverse, in total,44.9% of Gen Z expressed that they would consider exploring metaverse environments created by fashion brands and retailers, such as virtual stores, shopping events or product launches, in the future, data rising to 49.4%.many compan like Boohoo develop their advertisement in the online gaming channel like Roblox .Besides, dressing digital avatars offer fashion creative brand a huge potenial market ,many brands collaborated with Fortnite launching latest avatars skin set and provoking hotpot concern in the’ campfire ‘ (Draper,2022).Nike announced equity acquisition the PTFKT, a NFT creating company who quickly made more than 600 virtual shoes last year, help the Nike further expand the virtual product collection.
Available at:https://www.highsnobiety.com/p/diesel-dverse-nft-collection/$
Available at:https://www.highsnobiety.com/p/diesel-dverse-nft-collection/
Gen Z care about the offline shopping experience at the same time, according to the mintel the so revamping the offline shopping model and service experience is essential to retailers.
Many luxuries noticed that the collaboration culture is still thriving, In line with the Lyst index data (2022), Gucci skyrocketed 286% in the 48 after its collection with Adidas was released in June. It is risky to attract and broaden GenZ customers by opening a subsidiary line to a brand with uncertain demand and consumption trends of GenZ, and the cost is too high. Besides, brands need to maintain and inherit their brand identity. The main line of the brand from the design concept to the pricing is difficult to fully conform to GenZ’s aesthetic and also not affordable for GenZ to some extent. So collaboration is a nice choice for the brand to attract GenZ customers by avoiding those risks. As the Lyst 2022 hottest brands show, the top. 10brands listed in front all launched their collaboration collection in the past year, choosing the place according to their new collection theory to present their runway and change or name a new ambassador endorsing their latest collaboration. obviously, the collaboration will bring more exposure to social media, which involves offline new collection event news, new brand representation celebrity new look media report and KOL online promotion. Which is the main way to attract GenZ.
Regarding the critical people skills fashion brand should have, referring to the Mikensy 2022 report(108-111), a company need to know how to create a space for employees to improve and develop themselves giving them a learning chance so that employees have a clear mind of purpose, meanwhile creating a sense of belonging to the company and industry, ensuring employee to keep working with a better vision for future development, that’s what Farfatch doing now, pay attention to invest in employee learning and training, cultivate their personal skills and bound with brand development prospect also focus on（McKinsey 2022 p109）. The company also should have a strong CSR policy,(McKinsey, 2022,p.108)which encourage the employee to respond to social and environmental issues, 83% of fashion industry practitioner say that that would improve their loyal if the company did that well. In addition, put DE&I policy in a priority place, company should keep diversity and inclusive norms both in retention strategies and the talent hiring process,42% of fashion professionals rate the industry’s performance as ‘poor’ in prioritizing DE&I as a core value right now, around 50% of employees of colour believe that it is not equally accessible to all qualified candidates. Farfetch’s chief people officer said there is a skills gap between creative and tech specialists, and they try to partner with external businesses and organisations to address this problem(Mckinsey,2022)
Moran. G(2022) Gen Z and Millennials 2022.Available at:
https://www.drapersonline.com/guides/gen-z-and-millennials-2022(Accessed at:October 15th)
Mintel(2022)Lifestyle of generation Z-UK.Available at:
Mckinsey(2022)the-state-of-fashion. Available at:
https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf(Accessed at:October 15th)
Francis & Hoefel, (2018) ‘True Gen’: Generation Z and its implication for companies.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 at:October 15th)
lyst（2022）The Lyst index: Fashion’s hottest Brands and Products Available at: https://www.lyst.com/data/the-lyst-index/q222/(Accessed at:October 15th)