Millennials are no longer the main target for retail sales today. Generation Z, consumers between the age of 8 and 28, are the future buyers that marketeers in this industry must cater to according to the experts speaking at the World Retail Congress.
Within the framework of this event, which took place earlier this week in Madrid, Carla Buzani, Managing Director of the professional trends portal, WGSN, shared key tips to win over this new generation of buyers.
Parents of the children from Generation Z have gone through one of the biggest crisis in history and faced challenges linked to global terrorism and unstable economies. In many ways they are more aware of the world around them through the internet and international media coverage. These parents are sharing a mindfulness philosophy to all aspects of their daily life including health, food, leisure time, sustainability and clothing.
Generation Z is born connected to the world around them and will want to know the origin of their clothes; where they have been manufactured and with what materials. Carla Buzani predicts, "Transparency is one of the great challenges that fashion companies are going to face in order to win over these new clients."
More demand for Transparency
When Generation Z does decide to make a purchase they will look at the quality of their products. Witnessing the experiences of their parents during economic crisis could make this generation weary of big spending and could result in less willingness to pay high price for certain products. As another consequence, work also takes priority for this generation who are striving for strong economic position allowing them to buy what they want, instead of starting a family.
Preference for less formal styles
When it comes to the style of dress this generation prefers, they pass on the suits and ties in exchange for a more casual look. Formal dress as popular as it used to be, although crosses between formal and casual looks can be found, for example, a suit jacket with a hoodie underneath or a dress with sneakers.
Photo Credits: FashionUnited