Trends to Succeed in Tomorrow’s Fashion Industry- Part 1
The fashion industry is ever-changing. Nothing stands still. Not the trends, fabrics, colors, silhouettes, nor styles. Not the technology, production operations, nor our marketing strategies. Everything is changing…. just as our world is changing. All of these changes have great impacts on our businesses. Therefore, we must analyze the direction of our industry and consider our planning, development, sourcing, production, marketing and distribution for the future. With our fingers crossed for no dollars lost we shall march forward hoping we are reacting fast enough, smart enough and just the perfect distance ahead of the trends with each delivery.
So where will our ever-changing fashion industry lead us next?
There are seven directional shifts in which our world, consumers, technology, and the fashion industry are moving. We must consider each for our own businesses and ready ourselves to consider which trends we should address, embrace, strategize and execute in order to stay relevant, profitable, and successful in tomorrow’s global fashion market. The seven trends will be posted in 7 posts on the Fashiondex blog.
Here is trend one::
1- Peer Groups and Purchasing.
Generational marketing will be more important than ever with three key cohort groups.
First, one-quarter of our consumers, the baby boomers, shall prepare to retire, take on a hobby, and vacation more. What they purchase for the last third of their lives will not be on impulse and must be of value. They have money to spend, but do not require more
belongings. They are streamlining what they own and downsizing their homes. We must work hard to capture what they buy.
Second, the next quarter of our consumers, the millennials, are all grown up and will be becoming homeowners, and more set in their ways. We must be innovative to capture their entrepreneurial and technical spirits. As they grow, they will begin to take less risks, and they too will seek value as they realize it is time to start saving for their future families. To attract their business, we must offer value plus personalization, and service their entitled images. If we do that, we can keep them as loyal clientele.
Thirdly, and another quarter, is our youth culture who inspires us. Generation Z
(or as demographers refer to them as the i-Gen). Generation Z is entering college and shall continue to Instagram, snapchat, and uber first, while shopping as a pastime last. They are about showing the world where they’re at, not what they have. They’ve seen their millennial siblings in debt, and prefer to keep their dollars close. We must offer them stimulation and value to get them to our channel, and once in- they want something unique that they can showoff in a selfie.
These generational cohorts all will buy, but not much, and to capture their purchases our products must be of value and be customize to them. As manufacturers we must design, develop and manufacture products that have personalization, value and quality built in from conception through every step of the supply chain. We will need to implement lean manufacturing techniques for smaller and higher-quality batches. Our customers will no longer shop for the short-term, they will insist on value and longevity, or they will not purchase.
Next post- is Trend two! Hope you all had a good holiday!
The research for the 7 trends were part of a presentation and assignment for S’s Global Business Management class at LIM College Global Fashion Supply Chain Management MPS program! SO FUN!
All photos from unsplash.com!