Millennials are proud, highly attentive to appearance, and some of the most fashion conscious people on the planet. They are committed to their work, financially successful, and work hard to get earn the money for the things they desire.
Source: http://www.hanoverresearch.com/
Those who fit into the group identified as millennials are often thought as those who like to indulge in brand names, designer products, and consider investing in such products as an investment in the self. However, the latter depiction is erroneous: the millennials are now moving toward getting fast fashion and are focusing less on brand name options.
Fashion retailers identify fast fashion as the types of clothing that first appear on the catwalk and then move quickly into the stores. This movement from catwalk to store is both rapid and intentional, allowing the public to get access to the latest, hottest, most current fashion trends on the market today. Fast fashion is quick to produce and proves inexpensive for the consumer. Millennials are buying up fast fashion because it combines trendiness with money saving advantages. Some of the top brands offering fresh fast fashion include names like Joe Fresh, Topshop, Forever 21, Zara, and H&M, among others.
The successful sale of fast fashion has marketing based in science and its success is dependent on how the human brain operates. Our brains find both pleasure and considerable comfort in shopping for affordable items versus the expensive options. With fast fashion, there is plenty to choose from thereby allowing consumers plenty of fashion diversity and flexibility. Newer pieces are coming into the market all the time so the fashion remains fresh as well.
Millennials, no matter what their lot or financial position, have recognized that spending vast amounts of money on fashion is not a smart move. Nevertheless, this does not stop them from coveting attractive and trendy accessories and clothing. With fast fashion, millennials can buy inexpensive fast fashion and accessories and feel good about doing so. With fast fashion consumers can express their taste for fashion, individuality, and they can do it without breaking the bank or feeling guilty about investing in some fashion options.
With the way millennials behave, retailers are being forces to redesign their marketing strategies. In fact, retailers are changing everything up including logos, e-commerce solutions, merchandising, store layouts and more. Why are retailers catering to millennials and their shopping behaviors? It is simple: If it is not the case currently, within the next two decades or so, millennials will be in possession of the largest portion of spending power.