It is Millennial Time!!
Millennials account for 83.1 million and represent more than one quarter of the US population.
Millennials or those individuals born between 1982 and 2000, now outnumber in the US the previous largest generational cohort known as the Baby Boomers. To be sure, Millennials account for 83.1 million and represent more than one quarter of the US population. They are more than baby boomers who represented 75.4 million. Also, Millennials are more diverse than preceding generations, with 44.2 percent being part of a minority. They are extremely well informed and better educated. They also are more spiritual and militant of noble causes. Their $ 2.45 trillion buying power is transforming markets from electronic products to apparel.
They are a sizable force with significant influence through their purchasing power in areas such as politics (Obama’s electoral victories rode on Millennial shoulders), culture ( Nobel award to Bob Dylan) and entertainment (Disney’s live revival of cartoon successes of the 1990s). They have grabbed the attention of the business community and NGOs as they are customers, employees and and volunteers. They have survived two recessions (Tech Bubble; Mortgage Bubble).
These events have shaped their political views, spending habits, approach to jobs and success. Key to selling anything to them is the concept of collaboration and that of responsibility to the environment. Tolerance and aiming at making a difference for other human beings defines their vision of society. They are savvy tech users and see in technology a tool to recreate the world. They indeed are happy to invest on must-have items while maintaining a close-fitting budget somewhere else.
They invest in one or two expensive items that define the style and their personality and mix them with low cost pieces. This has powered an upward revenue trend at stores like Nordstrom Rack, TJ Maxx, Ross and Marshalls where top designer products are offered at discount prices. As Millennials begin to shape fashion diversity, inclusivity and gender fluidity have become norms to attract them. Menswear is outpacing womenswear in growth, with males actually shopping more than females online. GAP and J. Crew continue to struggle against direct-to-consumer competition like the Reformation, Bonobos and Everland.
Natural fabrics are overtaking artificial textures. Conformable and ready to wear for any occasion kind of clothes are imposing themselves on runways and the streets of large cities. Clothes with personality and ease are favorite. These views seem to be clearly reflected for the very first time in the fashion world at this year’s fashion weeks when top designers moved away from clothing divas like Lady Di to embrace everyday girls who demand that clothes express more than a lifestyle a principle; a cause or a professional positioning. The turn could not be or intelligent, as it is catering to a cohort that spends about $200 billion per year on clothing.