We’ve all heard about the Great Depression generation and the Baby Boomer generation, but now the latest generation hype is Millennials. The Millennial generation, also known as Generation Y, are those born between 1980 and 1994 making Millennials to be between the ages of 24 to 38 this year. Millennials are in their prime making them the target audience for any given market. Following the Millennial generation is Generation Z born between 1995 and 2012 making them between the ages of 6 to 23. Addy, our research tool, took on Millennial fashion revealing many interesting insights.
The social media culture could be the greatest influence on the 2018 fashion industry. Social media is the main fashion outlet for Millennials, brands are using social media platforms such as Instagram, which is the top fashion platform, to target Millennials. Adding to the current political climate, Millennials promote confidence by wearing statement fashion pieces, while also being confident in who they are. Millennials want to be heard through their fashion while staying comfortable. Comfort is an important aspect of Millennial fashion, they believe in dressing to their body proportions as well as making sure their clothes actually fit allowing for body positive confidence. Living in today’s digital era Millennials are constantly on the go, challenging the political climate and the health industry. Most Millennials are still figuring out their career paths and working towards their future endeavors while trying to maintain a healthy lifestyle. A popular fashion trend this year to this cause is athleisure wear, athleisure is fashionable athletic wear.
While today’s market is made up of an array of ages, Addy found insights for ages 13 through 36 forming three age groups, 13-17, 18-24 and 25-36. The top ten brands for each age group are mainly made up of activewear brands. Nike is the most consistent reputable, number one, trusted fashion brand across the board. On the right are the top ten fashion brands by age group.
We found a study that showed that the top 100 brands create a strong connection with their audience by focusing on three things, making consumers look good and feel good while entertaining them.
“Minimalist”, “versatile”, “timeless”, “match basic neutrals”, “splurge on accessories” and “pick apart trends” are words and phrases that millennials often use to discuss fashion.
54% of Millennials shop online but despite the digital era, this generation is more likely to do the research online followed by a visit to a brick and mortar store to make the actual purchase. Millennials tend to prefer their overall experience in the environment of the store as well as feeling the physical object before purchasing. Product or company reviews is the biggest influencer for Millennial buying decisions, they are also influenced by prices. About 80% of Millennials are influenced most by the prices while shopping, especially if there is a form of a discount offered. Following their favorite brands on social media is customary for easier access to discounts/sale announcements. Most Millennials shop on a budget due to student debt, fear of credit card debt and because of their financial planning. A low price tag has more value than their friends’ recommendations, the brand’s reputation, and even the quality of the product. Addy discovered that around 66% of most Millennials would switch brands if they are offered, at a minimum, a discount of 30% off.
Millennials tend to value most of all authenticity and relevance to a minimal lifestyle. Millennials want companies that tailor to their needs and demands while also having a strong social media presence. To impress a Millennial, typically a company must be realistic, delivering no empty promises, demonstrating what the company really does and what they can do, giving them an authenticity that cannot be argued with. It is estimated that about 82% of Millennials consult blogs and trusted review sources before making a purchase.
For more insights visit us at addy.ai.