The BoF Insights team shares details from their recent report on why these young consumers are so crucial to the success of the fashion industry — and what brands can do to woo them.
Gen-Z, or those born between 1997 and 2010, accounts for 25 percent of the world’s population. With the oldest of the generation turning 25 this year, the group has already come into its own with a purchasing power of about $360 billion. Fashion brands have always chased youth, but Gen-Z brings a whole new set of marketing challenges. Having grown up in the midst of rapid technological advancement, a worsening climate crisis and global movements like Me Too and Black Lives Matter, Gen-Z has been characterised as more pragmatic and socially aware, while also being trend-fixated. The contradictions are endless.
BoF Insights is the new data and analysis think tank from The Business of Fashion, arming fashion and luxury professionals with the business intelligence they need to make better strategic decisions. For more insights, please see BoF Insights’ archive on topics like designer bags, resale, digital fashion, and fashion’s supply chain.
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