MILAN — The next generation will represent 80 percent of fashion and luxury consumers in 2035, according to a study by consulting firm Bain & Co., forcing the entire fashion pipeline to understand their values. The study also predicted these generations will help drive a 150 percent increase in the size of the sector over the next 15 years.
At the 2019 edition of the two-day Milan Fashion Global Summit, held at the futuristic IBM Studios building on Piazza Gae Aulenti, which closed on Tuesday, industry experts, fashion designers and entrepreneurs discussed the impact that not only consumers’ habits but also technology, the supply chain, retail, as well as marketing and social media can have on fashion’s sustainable growth.
“It’s the first time in history when five generations are buying the same products,” said Bain & Co. partner Federica Levato presenting the research. She noted the next demographic really driving growth for the luxury sector is Gen Z, which represents a cluster of consumers “for which product returns to be key,” overcoming the experience-driven Millennials’ purchases.
Raised by Gen X, who had experienced the financial crisis of the early Nineties, she described Gen Z as “a post-digital generation of consumers that are more human,
At the 2019 edition of the two-day Milan Fashion Global Summit, held at the futuristic IBM Studios building on Piazza Gae Aulenti, which closed on Tuesday, industry experts, fashion designers and entrepreneurs discussed the impact that not only consumers’ habits but also technology, the supply chain, retail, as well as marketing and social media can have on fashion’s sustainable growth.
“It’s the first time in history when five generations are buying the same products,” said Bain & Co. partner Federica Levato presenting the research. She noted the next demographic really driving growth for the luxury sector is Gen Z, which represents a cluster of consumers “for which product returns to be key,” overcoming the experience-driven Millennials’ purchases.
Raised by Gen X, who had experienced the financial crisis of the early Nineties, she described Gen Z as “a post-digital generation of consumers that are more human,