People
A successful business requires a structured plan. The fashion industry is one of the most infamously structured businesses being supported by its four pillars , Planet, People, Profit and Purpose. In this section I will discuss the People pillar. In this context the term ‘people’ refers to consumers. The versatility in consumer behaviour in the twenty first century is drastic. I make this inference based on the research I’ve conducted on Gen Z versus millennials as consumers. I found that when shopping for clothes, accessories and shoes that for millennials price,style and quality are the most important factors at 82%-85% compared to gen z 62%-81% (Moran, G. (2022, May 10). Whereas for Gen z the most important factors are brand name and the ability to resell 38%-40% whereas for millennials it is 30%-35% (Moran, G. (2022, May 10). This leads me to theorise that millennials are looking for long term clothing hence the need for an item that is high in quality. However as Gen z are in an era where fast fashion is at its peak it can explain why a factor they take into account when purchasing is the ability to resell as they most likely are not buying the item to keep it for long or are feeding Into micro trends. Gen z being a more diverse, inclusive and technology heavy generation means that businesses have now had to alter their marketing strategies in order to cater to their needs. This generation are also more socially aware of the environmental impacts that accumulate with the production of goods in the industry. This suggests that brands should consider a greener approach to their marketing strategies. , promoting reuse and the abolition/shift from fast fashion back to an ethical approach. In order for a fashion brand to be successful some people skills needed are ; communication , having a high rapport with consumers will aid with efficient production that will best suit their needs. As well as creativity, your creativity should be your instinct in stating what the material can be transformed into and which design colour will suit best(Lca. (2021, April 5). This will allow for a more successful fashion brand as the brand builds on its ‘niche’. Victoria secrets (VS) ‘ the Tour 23’ was an alternative display to the ‘typical’ Victoria secret shows. Straying away from the shows that many consider unrealistic , VS promoted diversity in an attempt to cater to Gen Z’ changing society. This could be due to how fashion consumers want to see their own diversity respected and reflected in the way brands communicate with them. ( Mitterfellner, O. (2019) (chapter 8).
References ( APA) :
Glover, W. by S. (n.d.). Consumers Want Sustainability Post lockdown. Ecotextile News. https://www.ecotextile.com/2020081026509/fashion-retail-news/consumers-want-sustainability-post-covid-20.html
Reading list
– Moran, G. (2022, May 10). Gen Z and millennials 2022. Drapers. https://www.drapersonline.com/guides/gen-z-and-millennials-2022
– Person, Olga, & Mitterfellner. (2019, November 20). Fashion Marketing and Communication: Theory and practice across the F. Taylor & Francis. https://www.taylorfrancis.com/books/mono/10.4324/9780429451591/fashion-marketing-communication-olga-mitterfellner
– Lca. (2021, April 5). Four essential skills to create your fashion brand. London College of Arts. https://londoncollegeofarts.com/four-essential-skills-to-create-your-fashion-brand/