The fashion industry, as of now, is worth trillions of dollars – and it’s projected to grow. In fact, it is so big that it could be the world’s seventh-largest economy in terms of GDP.
The power of the fashion industry to transform individual lifestyles is a testament to their influence over societies. However, the average fashion consumer of today is more responsive, aware, and alert to evolving trends. This means that apart from the usual buying motives of any other consumer, a fashion goods one has additional factors that play a crucial role in their buying behavior. Let’s look at the major factors that influence their buying decisions.
Culture and Trend
Whether it’s the athleisure fad or the skinny jeans fashion, consumers are influenced by the prevailing culture and trends around them. What they see and observe motivates them to adapt in a similar way to their surroundings. It is this need to stay relevant and in vogue that motivates fashion consumers to purchase apparel or footwear that would ensure they are in style.
So if you are thinking of entering the fashion industry, make sure that you thoroughly understand your target audience. You need to take into account the needs, wants, and preferences of the different segments in society in order to fulfill the demands for new fashion.
Brand Ethos And Sustainability
According to Pulse of the Fashion Industry, an assessment released by the Global Fashion Agenda, the Boston Consulting Group and the Sustainable Apparel Coalition, consumers are increasingly concerned about a brand’s ethics, social practices and their care for the environment.
With increasing transparency and accountability, these consumers are becoming aware of the importance of adopting responsible practices. This means that brands that show little concern for their environment or employees are becoming easily replaceable. So the buying behavior is, in essence, directly affected by the brand ethos and its environmental practices.
It is, therefore, pertinent that brands focus on safer and sustainable methods of production to introduce real change in order to appeal to the fashion consumer of today.
Endorsement from Influencers
Nowadays, with the rise of social media platforms, a large number of these consumers are greatly influenced by the people they follow on Instagram, Facebook, Pinterest, and Twitter. This means that rather than relying on traditional marketing methods, brands should take advantage of the multi-billion dollar influencer marketing industry.
All consumers of fashion products take inspiration from influencers and style gurus. And what they say, they trusts and follows. So getting endorsements from an influencer not only lends credibility and reliability to your product, it allows brands to establish meaningful relationships with their consumers via influencers.
Basically, a testimonial, online product review or endorsement from influencers or celebrities can really impact a consumer’s decision to purchase a product.
One of the biggest fashion industry trends is going to constitute what they call a “digital land grab.” Essentially, this means that instead of relying solely on retail margins, brands need to focus on a strategy of diversification to add value-added services.
Since people spend almost one-third of their time on social media, a digital presence is crucial to be able to influence buying decisions for any industry, including fashion. This means that the ability to easily browse catalogs, avail online coupons, and discount codes and have hassle-free shipping are likely to play an enormous role in the buying decision for a fashion customer.
Therefore, establishing a social media presence on outlets such as Instagram and Facebook will allow consumers to better engage with the brand and ease their buying process through ‘Buy Now’ or ‘Shop This Look’ buttons.
The exclusivity of the Product
It is no brainer that the most die-hard fashion followers will always look for the most exclusive products by companies that make luxury goods. In this regard, a fashion consumer will always look for limited edition and exclusive products that resonate with their own personal style and taste.
The initial stage of any fashion trend involves a product that is exclusively sold by a single company or brand. This is the stage where the brand establishes itself as the pioneer of the product or trend at hand, and essentially plays the role of influencing the entire fashion industry to catch up with the latest fashion. And if there is one thing all luxury consumers love the most, it is different, relevant, and in style.
The exclusivity of a product, in terms of a limited number of items, price, differentiation, or limited editions, plays a huge role in influencing the buying decision of a fashion consumer.
Motivation and Perception
The motivation and perception of a company or brand are vital when it comes to a fashion consumer’s decision to purchase a product. This is because these are driven by their personal beliefs and attitudes towards a company and how it handles customers.
Firstly, the consumer needs to believe that they are getting the full worth of their hard-earned money. In this regard, positive reinforcements such as marketing and product placement have a significant impact when it comes to motivation towards buying a product. Moreover, the quality of customer service is also important to create a favorable perception of a brand. According to pearlsofjoy.com, one of the world’s premier pearl jewelry company, treat your customer the way you want to be treated. And in the fashion industry, this is truer than ever.
So if you want to motivate a fashion consumer to buy your product, make sure that you are using the relevant marketing techniques to reach your target audience. Also, maintain an effective customer service to bolster their motivation and perception towards your brand.
The importance of self-image and personal identification of social standing in society plays a key role in influencing fashion consumers to buy products.
This means that the consumers may purchase certain things even if they don’t necessarily need them. This stems from their need towards identifying with their social surroundings and reference groups, such as family and friends. This makes fashion consumers highly unique in the way they shop and purchase products.
To conclude, while the traditional factors that impact consumers also affect fashion ones, the latter is influenced by certain factors that are exclusive to the fashion industry. In this regard, brands and companies need to pay more attention to how fashion consumers behave in order to drive up sales.