T4 MEGATRENDS 1. Celebrity Culture: Celebrity culture means that common people want to look and feel like celebrities. This affects a shift in consumer behavior and marketing. People are more likely to purchase garments if celebrities are seen wearing them than the consumers’ personal taste. This new celebrity obsession will drive consumers to buy the latest worn garment their most admired celebrity is wearing. This change in consumer behavior will have to be taken into consideration when companies advertise as they will be more likely to sell a product if celebrities are used in the advertising campaign rather than a ordinary model.
Celebrities are influencing design, advertising and distribution. 2. Social networking: Social networking is the fastest growing trend. Most the population are engaged in some sort of social networking whether it be facebook, twitter, pintrest or blogs. Due to social media, word-of-mouth promotion is a new phenomenon, which can either have positive, or negative outcomes for companies. The constant sharing and use of images/ideas/technologies means less promotion and marketing is needed by companies to distribute their products.
This is the case as everyone has instant updates and access to the latest trends. Companies do not have to exert their effort into promotion, as consumers are already in the know. 3. Global Financial Crisis: Due to the current financial issue, many people are left unemployed and redundant. Many people have had to re-budget and re think their expenditure. Many people have had to restructure the way their families live and have had to cut down on many unnecessary expenses.
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Fashion is one of the first categories that people cut down on. Food and housing are seen as essentials and fashion is seen as a luxury. Thins being the case, people don’t have the money to buy and spend, making it difficult for fashion houses to remain open as they have a dwindling clientele. 4. Satiability: Sustainability and the environment have become most topical in todays world. With this knowledge, consumers want more company transparency.
Consumers want to be aware of the origins of their purchases as they care about human rights and the environment. Consumers want to be able to reuse and recycle clothing. The notion of vintage clothing has become very trendy as consumers realize that old clothes are still wearable and are of quality. The notion of fast fashion is disturbing the environmentally friendly consumers, as high levels of waste are prevalent. Companies are being forced to reassess the ethics of their sourcing, manufacturing and distribution processes.
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