Apparel Online India Magazine December 1st Issue 2018 | Page 32

FASHION BUSINESS HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  THE STATE OF FASHION IN 2018: IN SUMMARY… CONSUMER SHIFT: Who is the modern consumer and how they shop? Millennials: A demographic cohort born between 1982 and 1999, also commonly referred to as Generation Y; witnessed major events like the 9/11 terrorist attacks; the Global War on Terror; and the Great Recession in their formative years; grew up in an era of technology, with access to unlimited amount of information through the growth of internet. According to a research by Forbes, “Many millennials graduated when unemployment was high, jobs were scarce and salaries were lower (even though the cost of living was higher), all the while shouldering massive debt from student loans. Many had to take jobs for which they were over- qualified, many moved back to their childhood homes ( 37 per cent have done this) or delayed things like marriage and children for financial reasons.” Taking inspiration from social campaigns like 'Who made my clothes', other brands too are coming up with concepts such as 'meet the maker' Given all this history, millennials shop differently. They make purchases that fulfil their need to give back – through brands like TOMS which follow the one-for-one business model. They also prefer to spend their money on experiences over material things, and are willing to pay extra for it. Millennials also use social media as a platform to voice their opinions and hence get attracted to brands who actively engage and address pain-points immediately. Wellness 32 Apparel Online India | DECEMBER 1-15, 2018 | www.apparelresources.com and connection is important for this category of consumers, and therefore, they instantly appreciate when brands make campaigns that resonate with them and launch connections that are more than just cheap merchandise. Generation Z: Demographic cohort born between 1995 and 2014, following the millennial generation; born in a post-digital world that makes technology the centre of their lives, an aid they cannot function without. According to a report by IBM researchers, the Gen Z is growing up in a “fluid digital world, in which the boundaries between their physical and online lives have converged. That has helped them grow up as savvy, educated and self-reliant.” Considering that by 2020, one-third of the US population will be Gen Z – this generation will bring yet another major shift in retail. The core characteristics of a Gen Z shopper are that they have higher expectations, but lesser patience. Gen Z kids are born influencers, who are not as price-conscious as their previous generations. They are great multi- taskers with adequate knowledge of jumping from one digital device/app to another in a matter of seconds. How is Gen Z different from the millennials? Gen Zers are evidently different from the millennials. While the Gen Z are raised by Gen X parents, the millennials are born to baby boomers – which defines a clear difference