To the fashion industry, 2021 is a year with both challenges and new opportunities. During the process of digitalization and intellectualization, the coronavirus epidemic actually becomes the catalyst of industry revolution which speeds up the development of trend. Consumers’ behaviour has changed, and their requirements are continuously updating. And the unprecedent changes rapidly become the new normality. In 2021, digital consumption will keep dominating and growing. And we should grasp this key opportunity to help enterprises to have insight into requirement changes and to strengthen their relationship with consumers.
In the past few years, China’s rapidly growing economic strength, consumption culture and population structure is leading to the eastward gravity of global fashion industry. China has been the first country to hit the plateau in this post-epidemic era, consumers are keeping desensitizing to the epidemic fluctuation. And the whole consumption trend and confidence index start to get better in the third quarter. The expense of Chinese consumers is continuously rising, and because of the expansion of middle class, China still has a large contribution space to the fashion industry.
Embrace Gen Z
Along with the quietly changing global population structure, the young Gen Z has been the focused crowd in this new era. Every aspect of the society is keeping up with the growth of Gen Z, so the commercial opportunities are emerging around these young people. As being aborigines of the digital networks, the life styles of Gen Z cause qualitative changes because of the technological revolution. They have a more independent character, pay more attention to their life experiences and own better understanding of searching for the best value and service. There are 260 million of Gen Z in China. Although half of them are students, their contribution to fashion consumption is in a yearly 3.5%-4.5% growth for the better family economic foundation.
Based on the era background of digital marketing, we need to take advantage of the social and sharing Gen Z to create a trend, and let the public follow this trend. The cultural circle of hobbies and their pursuit of diversity and individuality can be the cutting point of design. Those entry luxury niche brands, which have stories, craftsmanship, texture and also recognition, might be their future consumption trend.
Focus on Sustainability
The coronavirus epidemic improves consumers’ consciousness of health, environment and social responsibility. More and more consumers would have moral anxiety after the consumption, they are afraid of causing negative effect to the environment and society, then their guilty and shame would emerge. According to the samples of R.I.S.E sustainable fashion lab this year, including 2251 consumers and 20 brands, 84% of consumers have a high cognition of environmental sustainability, and 90% of these high-cognitive people express that the producers of fashion industry should make the environmental influence public during the producing process, and they are willing to learn the contribution which fashion industry has made in social responsibility.
The expansion of sustainable market needs the mutual support and promotion between consumers and producers. On one hand, we need to guide consumers to pay for the sustainability. And on the other hand, innovative designs can increase and popularize sustainable products. Besides, improving the recycling rate is the main direction of new commercial mode, and also the key direction of brands, designers and enterprises. Brands all over the world have launched their eco-friendly series products, such as the H&M Conscious Exclusive series, and Reclothing Bank’s “Basic” series, “Ready To Wear” series and “Haute Couture” series.
New Luxury Generation
The global luxury market is damaged by the epidemic in 2020. However, China has been the first to revive, about a 20%-30% growth in 2020. And China will soon occupy half of the global volume in luxury consumption. The younger consuming trend is obvious in the current stage, about 90% of consumers are likely to accept local luxuries, and the new luxury generation among 18-35 years old will contribute a 69% improvement in the coming future. With the all-over penetration of mobile internet, Chinese users are experiencing changes among information channels, content carrying mode and shopping locations. The whole channels of luxuries have been initially emerged.
The epidemic rebuilt users’ shopping habit in a rising trend. Since offline consumption is the main channel of luxury brands, they need to speed up their cooperation with online retailers and social medias. The combined online and offline marketing can create an immersive artistic interaction, and the application of films and pop-up stores can lively spread the brand value and break the border. The localized design better fits the younger consumers. Dior Men 2021 Autumn Series held the first online show in Beijing. Kim Jones and Kenny Scharf perfectly integrated graffiti Chinese elements into this season’s new products.
Please stay tuned for more trend insights to come and visit https://www.popfashioninfo.com/analysis/market/