The younger generation takes over! New spending habits could see a change in high street spending and impact the future of fast fashion. But when will that happen?
High street spending has been at an all-time low due to the coronavirus pandemic, but there has been a rise in fast fashion as people are at home, shopping online, and thriving off the hype of the ‘up to 60% off’ sales to get their hands on the best loungewear ‘garms’.
But things could slowly be changing, as Gen Z and Millennials seek this time out from day-to-day life as an opportunity to spend and buy less - and make more. They are also purchasing fewer new garments, opting instead for “previously-loved” clothing.
“For me buying second-hand or vintage is a lot more of an experience when shopping. You’ll never know what you will find and in some ways, it’s nice to know there is a story behind each piece you find,” said Gemma Jenkins, 22, a fashion-buying student from London.
“Some people don’t believe me when I say I purchased an item from eBay.”
Gen Z are the youngest of the defined generations. Born between 1997 to 2012, they are currently between the ages of 9 to 24. These young ’uns already make up to 40% of global consumers. They have a keen interest in social media and technology meaning they are more likely to make purchases online.
Millennials, on the other hand, are the largest and most influential of the generations. Born between 1981 to 1996, they are aged between 25 to 40, meaning their spending habits are slightly different. Known as the biggest spenders, they do value price when it comes to making purchases and are more likely to consider social and environmental factors.
Together, the two generations have the largest spending power of all. So as they rein in their spending habits, could their behaviour spell the end of fast fashion? And did the pandemic help spark this change?
The term fast fashion refers to clothing that has been produced quickly and cheaply. It causes lasting effects on the fashion industry as it has an impact on global carbon emissions, pollution, and waste.
Research from a poll carried out by the Royal Society for the Encouragement of Arts, Manufacturers and Commerce (RSA) found that “during the pandemic, 28% of people are recycling or reusing more clothes than normal and 35% of women intend to buy fewer clothes in the future”.
The Guardian had reported that before the pandemic “two-thirds of clothing was purchased in stores” but from that Gen Z, “had already found alternatives to bricks and mortar”. These include the use of online reselling sites such as Depop, which saw a 90% increase in traffic in a month back in April 2020, with a third of 18-25-year olds in the UK registered on the platform.
Selling clothing online is not always ideal, so the use of clothing rental sites like HURR collective, who have been in collaboration with Selfridges, has seen a rise and so has making, creating, and upcycling old clothing.
“I love upcycling clothing. I created a dress out of old fabric before and absolutely loved it! So many people used to ask where I got it from and that’s probably where my love of fashion began.” Said Jenkins.
Social media has had a huge impact as young shoppers are a lot more aware of key topics such as sustainability and climate change. The creative aspect of having DIY projects instantly available on apps like TikTok and YouTube, giving step-by-step guides on how to create things from your wardrobe is also a great way of educating younger audiences.
Fashion designers are using their platforms as a marketing tool, wanting people to become more experimental. Alexander McQueen and Dior are among those challenging and inspiring people to sketch, sew and style from their bedrooms.
The rise in DIY, however, has meant it has been more of a struggle for fashion business start-ups. “It’s been both easy and difficult,” said Joe Farrell, 22, a former football coach who is now CEO of his very own fashion collection, Joe Farrell, 22 said about starting up in a pandemic.
“Easy because I have had time off to concentrate on my brand and ensure it's 100% ready. Hard because of the money aspect and people not being able to afford my clothing.”
As Farrell highlighted, the affordability of clothing is the reason behind the change. Research ThredUps shows “the second-hand market is set to hit $64billion in the next five years, ultimately outpacing fast fashion by 2029 – and it’s Gen Z and millennials who are adopting second-hand faster than any other age group”’.
Both generations are going to be key as they determine how we will spend our money in future, and how this will impact our planet going forward.
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