Consumer Preferences on Fashion

Introduction

The fashion industry is constantly evolving, driven by changing consumer preferences. Let’s explore how these shifts impact the industry and influence purchasing behavior.

1.Sustainability Takes Center Stage

Consumer Sentiment on Sustainability:

• Amid the COVID-19 crisis, European consumers have become more engaged in sustainability topics¹.
• Two-thirds of surveyed consumers believe it’s crucial to limit impacts on climate change.
• Over 60% of respondents actively recycle and seek environmentally friendly packaging¹.

Industry Response:

• Brands must uphold social and environmental responsibilities even during crises.
• Sustainable materials and ethical practices are essential purchasing factors¹.

2. The Need for Speed and Trend Agility

Fast Fashion Challenges:

• Being on-trend no longer guarantees sales and profitability.
• Consumers can spot, own, and share trends instantly via social media.
• Hits sell out rapidly, while misses struggle, even with heavy discounting².

Adapting to Speed:

• Retailers must collect and analyze consumer research.
• Visual recognition tools help identify trending styles and colors on social media².

3. Consumer Behavior Shifts

Spending Habits:

• General consumer confidence is low, with 88% expecting a slow recovery or recession.
• Over 60% of consumers report spending less on fashion during the crisis.
• Accessories and jewelry are cut back before apparel and footwear¹.

Trading Down:

• Younger consumers (Gen Z and millennials) are willing to buy cheaper versions of products they normally purchase¹.

4. Building Trust and Transparency

Brand Loyalty:

• Trust matters: 70% stick with brands they know and trust during crises.
• Trusted brands are an important purchasing factor.
• However, younger consumers may experiment with lesser-known brands¹.

Sources and Further Reading

• Survey: Consumer Sentiment on Sustainability in Fashion – Insights on sustainability and consumer behavior.
• The Need for Speed: Capturing Today’s Fashion Consumer – Trends in fast fashion and agility.

Remember, understanding consumer preferences is essential for staying relevant in the dynamic fashion landscape.