The trends moving the needle in the fashion market
New research from YouGov highlights the key factors behind fashion purchases, and the consumer behaviours influencing the market today.
Most British consumers (57%) consider themselves to be well dressed, according to new research, which indicates they put thought into the clothes they buy.
But what really motivates them when it comes to fashion, and particularly their all-important purchase decisions? YouGov’s ‘The Fashion Industry in Great Britain’ report reveals the established and emerging trends that are currently defining the market.
Download YouGov’s ‘The Fashion Industry in Great Britain report here
Among the key findings are:
Price is the key driver of purchases
Despite the majority of people being conscious of their fashion choices, the lowest prices (named by 21%) are at the top of the list of reasons for buying. And, with the best special offers (14%) being the third most important consideration, this highlights significant consumer price-sensitivity in the fashion market. Quality (15%) is the second-ranked factor for shoppers.
Men aged 25 to 44 are less price-sensitive than women of the same age – perhaps due in part to the gender pay gap – while, interestingly, men of all ages care more than women about quality.
Consumers say they do most clothes shopping offline
The travails of high street retail are a well worn trope in the business media, but consumers claim they continue to prefer shopping for fashion in physical stores. Almost half (46%) do all or most of their shopping offline, versus 27% online. Just 4% say they buy all their clothes on the internet.
Indeed, even those who believe that internet shopping makes life easier are likely to say they like to touch and feel products before buying: 38% agree with both statements, and only 20% agree with the former while disagreeing with the latter.
Fast-fashionistas are a high-spending, passionate segment
Like all successful companies, the best fashion brands know their customers well. According to YouGov, one of the most market’s most lucrative segments is the ‘fast-fashionista’ – those who agree they ‘spend a lot on clothes’ and have also used same-day delivery for fashion.
They are most likely to be young women with higher discretionary spend – though they also over-index on being full-time students. This is a discerning and also highly valuable segment for the brands that can successfully appeal to them: they are much more likely than the average person to keep up to date with fashion trends, consider themselves fashionable and pay more for luxury brands.
Furthermore, they are more likely to notice and engage with advertising, and to enjoy recommending things to others.
British consumers are loyal to fashion retailers
YouGov’s report reveals another antidote to tales of retail woe. Brits tend to be loyal to the fashion stores they shop at. More than half (54%) of respondents have only shopped at one fashion retailer in the past three months. The figure is even higher for men and older consumers.
Download YouGov’s report now to find out more in-depth insights into the fashion market, including:
- The consideration sets that fashion retailers are competing against
- Brand rankings by quality, style and recommendation
- The most improved brands in the past six years.