Tag: gen Z

MABR Cohort Perspectives: Time for Fast Fashion to adopt Sustainable Practices

Kim Sheehan on

Today’s opinion is from Haley Justus.

The time is now for fast fashion retailers to adopt more sustainable practicesFast fashion, stores like H&M, Zara, and Forever 21, has shaped how people shop for clothes in society today. By giving constant options and encouraging a consistent rotation of new attire, the consumer has become accustomed to searching for the next best thing. This has created a faster consumption of items that has a life span of about of no more than 10 wears, according to the New York Times. This system perpetuated by fast fashion brands fuels the amount of clothes that end up in landfills each year. According to the EPA, “Landfills received 11.3 million tons of MSW textiles in 2018. This was 7.7 percent of all MSW landfilled.”

In the wake of the COVID-19 pandemic retail sales are in free fall as people reallocate their spending priorities. The pandemic has caused consumers to pull back spending by two-thirds according to Refinery29. As profit continues to fall across the board, retailers are looking to ecommerce as their primary revenue stream. This, however, presents a new set of sustainability issues for the fast fashion industry.The transition to more digital shopping in response to the pandemic also means an increase in shipping, handling, and packaging that brings those items to the consumers doorstep. According to the BBC, “Returning items can effectively double the emissions from transporting your goods, and if you factor in failed collections and deliveries, that number can grow further.”

As the fast fashion industry continues to dive into a deeper hole, CEO’s are wondering how they keep business alive. A Refinery29 article states, “The bigger question for fast fashion is whether the model, which hinges on its prodigious volume to make the razor-thin margins work, will survive the pandemic.”

If they are already going to have to think about how to reshape their business because of the pandemic, why can’t they rethink their business models and encourage more sustainable consumerism?As much as people have stopped spending, they have also started caring. Caring more about who or what they are giving their money to and what those entities represent. An AdAge article about Gen Z stated, “73 percent of those it surveyed would pay more for sustainable items, with the majority of that chunk willing to pay a 10 percent price premium.”Fast fashion brands have an opportunity here to help save our planet as well drive some consumers back to opening their wallets for their products. They will need to vet their authenticity and actually follow through with affective strategies that address their sustainability issues if they hope to see the shift save them from decline. It’s time for them to authentically step up to what their consumer base is demanding more of and start to put planet over profit.

https://www.bbc.com/future/article/20200310-sustainable-fashion-how-to-buy-clothes-good-for-the-climate
https://www.refinery29.com/en-us/2020/04/9714553/coronavirus-effect-on-fast-fashion
https://adage.com/article/cmo-strategy/generation-z-willing-pay-more-eco-friendly-products/2227101
https://www.epa.gov/facts-and-figures-about-materials-waste-and-recycling/textiles-material-specific-data
https://www.nytimes.com/interactive/2019/climate/sustainable-clothing.html#:~:text=A%20separate%20study%20found%20that,of%20textile%20waste%20per%20year.

MABR Cohort Perspective: The Impact of Gen Z

Kim Sheehan on

Today’s opinion is from Payton Coon.

Sometimes referred to as the “Dot Com Kids” or “Generation Connected,” Generation Z is made up of over 2 billion young adults and teens born after 1996. The generation as a whole is coming of age and changing the world as we know it, especially as it relates to brands. Gen Z is becoming a powerhouse of a generation. Not only are they more racially and ethnically diverse than any generation in history but they are also on track to becoming the most educated generation to date [3]. The kids of Gen Z grew up in the era of digital which has influenced the way they see the world and the way they interact with brands.

Historically, brands will look at generation-wide preferences to gain information on how to better serve new consumers. Majority of large corporations have one main priority: to sell products and make money for shareholders. However, Gen Z is challenging the historic business model that we know. Their preferences include transparency, trust, and brand responsibility. Growing up in a digital age full of misinformation and alternative facts, Generation Z has adapted to not only sort out the fake news, but they can also separate the fake from the authentic brands.

The National Retail Federation did a report in 2018 about Generation Z and their relationships with brands. From their research they found that Gen Z is redefining brand expectations. In the past, generations have been drawn to the lowest priced items with the highest perceived quality. However, much like Millennials, Gen Zers value brands who hold opinions and take bold stances on certain key issues. By showing that they care about the same issues, brands can foster trust with Gen Z. In this new age, Generation Z is looking to build relationships with transparent brands that they can trust. Brands need to be clear about their processes and what they stand for within their company and farther beyond to develop loyalty from Gen Zers.

As Gen Z grows in age, so does their purchasing power. According to a Forbes interview, this generation “represents up to $143 billion in buying power – and that’s without accounting for the influence they have on household spending” (Cardador). The generation as a whole is far too big for brands to ignore and they present a huge opportunity. Large companies will need to adapt to become more socially, environmentally, and economically responsible in an authentic way if they want to gain the brand loyalty of Gen Z. Brands can only do this if they have a strong set of values and a core mission that is carried out and communicated to the consumers on a daily basis. Gen Z is changing the way brands interact with their audiences, and I believe it’s for the better.

I hope that Gen Z is the push that the world of business needed to start being ethical again. This generation, if they continue to care about these issues and put their money in responsible companies, can have an astronomical impact on our society at large and the way our economy operates. I want to see businesses respond to the demands of Gen Z. Weather it’s because it’s the right thing to do or because they want brand loyalty from the younger generation; either way, if we get more sustainable and ethical practices out of it, it’s a positive in my book. I have hope for this generation and hope that we can continue to push the world in a positive direction.