Latest research reveals UK Millennials Opting for fast fashion over investment purchases

 

UK millennials make up a large part of the consumer population in the fast fashion industry. From 19 year olds looking for really expensive designer shoes (for prom) to buy at cheaper rates to 32 year olds attending events wearing bespoke gowns bought from high end stores, the youth are beginning to opt for fast fashion brands over investment purchases that will maintain its good quality in years to come. However, it’s worthy to note that this latest trend didn’t just start overnight. It usually starts from spending ¬£8 at a Primark store while in high school, to trying to ‘live the life of the party’ in university. The advent of the internet age has also played a major role in this growing trend.

Fast Fashion Dominates the Internet

Fast fashion brands have gone from being regular brick and mortar businesses to dominating the internet. Even on social media, online fashion retailers seem to coming up with ways to captivate the minds of millennials. This is an edge the fast fashion industry has over the “investment purchase” sector. From instagram to Facebook and Twitter, you come across different brands advertising what they offer, while TV and radio (which are less listened to by the millennials) seems to be the only platform where the older fashion labels advertise their products and services.

That being said, fast fashion labels sought ways to remain savvy as they sell their products, as against the much older brands that tend to maintain the traditional methods of marketing. Digital marketing has become quite trendy and with more than half of world’s youth owning smartphones, no better way to advertise than via the internet. The fast fashion labels have taken advantage of this and also provide services and products at really affordable prices. They quickly stock their stores to ensure sales always go up and customers never worry about unavailability – online or offline.

 

Social Influence

With most young people seeking some sort of validation from friends and the society, they look for ways to be part of the elite group in the society – without having to tighten their purse strings after each purchase. They also want to live the life of TV celebrities, hence focusing on fast fashion brands worn by these so-called idols. On the other hand, there are less of the vintage fashion brands popping up on TV or lifestyle magazines with tips for younger people. So this is a case of millennials putting their money where their mouth is and pretty much what nice things they can lay their hands on.

A study by Goldman Sachs shows that the online fashion scene always quickly gets hit by a change in trend – based on what celebrities where to a red carpet event at the time. This has also caused fashion houses to focus on what’s in vogue than in investment purchases. The idea is to target millennials who would wish to have that particular outfit but can’t afford it.

How Sustainable is this Trend?

With every millennial trying to look good all round the clock, financial institutions on the other hand are steady coming up with ways that let you get money to shop and pay later. Credit cards have made it easy as well, and as business have now gone majorly online, the fast fashion trend doesn’t look like one to fade away anytime soon. Until protected shops in the form of brick and mortar investments come up with a way to fascinate the customer off and online, the Liks of Boohoo and other fast fashion brands will continue to make headway.

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