Kantar today launched its 'Fashion for a different consumer' report which confirms that younger generations are reducing their spending on fashion. And this is partly due to changes in consumer habits seen in both the beauty and fashion sectors. Consumers are more thrifty and more conscious of their spending and also of the impact of their small actions on the environment.
Fashion consumers shop less frequently and spend 33% less on textiles than in 2008. Then, spending was almost €600 per year and now it is €393. Now, with the change in habits, consumers are shopping on a need basis and, in order to cope with the impact of inflation and prioritise other needs, Spaniards are turning to low-cost operators such as Shein, Pepco, Zeeman and Kik. For these reasons and also because of the uncertainty that still exists, the sector has not yet reached its pre-pandemic levels.
In a graphic that collects the data from 2019 until the second semester of 2023, in which it perceives a descent in the 2023, further of the beak that lived in the pandemia. And the main reason has been the uncertainty, especially in the youngsters, that do not know to what can face up.
In a graph showing data from 2019 to the second half of 2023, there is a noticeable decline in 2023, beyond the peak of the pandemic. And the main reason has been uncertainty, especially among young people, who do not know what they can cope with.
In addition, as Kantar reports, two out of five consumers believe that fashion harms the environment. 38.7% of consumers consider fashion to be a sector that harms the environment and are starting to demand garments made from recycled materials, but only 31% of Spanish consumers would be willing to pay more for these garments.
Younger people are the ones who have changed their buying habits the most in the fashion sector. Boomers, on the other hand, are the ones who have kept the sector growing for years, but younger people prefer to invest and spend their money on other things and this is one of the main challenges for the fashion sector: to become attractive to the Z generations and future consumers.
In the words of Rosa López, Fashion & Beauty Business Director of Kantar Worldpanel, "the industry faces the challenge of reversing these behaviours and the value proposition of brands must be made clear to reach the consumer and be a clear and differential purchase option compared to the competition".