Business of Fashion wrote yesterday about what brands should do to tap into generation Z – that is youngsters born from the mid-90s onwards. They identify a number of interesting differences between generation Z and their forbears:
- Online nearly all the time – born digital and never experienced life without technology
- Spend less money on fashion (down from 45% to 38% of teenage spend 2005-2015) and more on technology (up from 4% to 8% of spend) and food (up from 7% to 22% of spend)
- Surveys also show that they care less about fashion
- Teenage spend is down overall – one survey says down 31% from 1997-2014
- They scrutinise brands carefully – reading backstories looking for congruence with their own values
- Todays teenagers are more altruistic and entrepreneurial than previous generations
- They value shareable experiences – in part because social capital comes more from social media than wearing logos
- They reject the exclusivity that underpinned brands previously popular with teenagers – e.g. Abercrombie and Fitch
I can see two trends at play here. First is greater use of technology and the second is an increase in the value of authenticity. It’s no accident that the two arrived together, because whilst social media is often used to promote image and falsehood a much greater part of it’s use is genuinely authentic, largely because it’s now much harder to hide the truth.
Generation Z may be the more extreme than their elders in adopting these trends, but they are not alone. Where I live in north London the adult population is strongly favouring companies with quality products sourced sustainably – i.e. brands that are authentic to them – and I see this trend more widely.
When I look for opportunity I look for trends to back, and this trend towards authenticity is reaching ever larger parts of society and has a long way to go.