The generation of Millennials, those born during the period 1980-2000 (aged 15-35 years) is the main target of the fashion industry’s marketing policies because of their size and their ability to introduce new consumption patterns and motifs. This generation only in America represents about one quarter of the total population, with an annual purchasing power of $ 200 billion (around € 184 billion), while in countries such as India and China is the largest part of the total population. The size and purchasing power is also remarkable in other developed countries such as Japan, Germany, the United Kingdom and France. However, the fashion companies are unable to connect with these consumers and as result they lose market share and income.
What should fashion companies do to attract this market segment? Primarily they have to listen to their preferences and to understand the specificity.
The millennials are characterized by high educational background and emphasis on career progress. They can be loyal customers for quality products, which improve the overall consumer experience and develop effective links with them. This generation particularly focuses on authenticity and personalized contact.
Women aged 15-35 years in particular are very familiar with fashion and do not hesitate to recommend the brands who are interested in over social media and through word-of-mouth. This last tactic is used by 60% of women in America, so that they can learn about the different brands in fashion including accessories. Indeed, their peers and the older generations trust women’s choices in this category and are heavily influenced by them.
Just 34% of American millennials read online reviews and magazine articles to learn about the latest fashion trends in apparel and accessory items, while 40% of them search through the web to gather relevant information. Additionally, 58% check the internet, social media and blogs before purchasing. What’s more, women aged 15-35 years are very good and frequent users of new technologies, as 58% of them use their mobile devices to make their purchases and are particularly affected by mobile phone applications.
It is also worth mentioning that 81% of women in the US who belong to the generation of Millenials buy clothing from retailers, although purchase through the internet constitute a dynamic voltage. Remarkable is also the purchasing frequency of women aged 15-35 years, as they buy clothing two times per month and prefer those that suit their style and make them feel comfortable.
Moreover, 87% of them place special emphasis on price when it comes to shop clothing, especially given the decline in their income as well as the high unemployment rates as a result of the economic crisis. In this context, 50% of those interested informed about discounts and promotions of their brands through text messages.
Furthermore, 74% of American millennials are members of at least one loyalty program for fashion items and 51% of those seek to be rewarded for their purchases quickly and transfer points between different loyalty programs in which they are members. As a reward they prefer to acquire privileges equal to elite buyers, such as exclusive access to events and fashion products or being served immediately on store cashiers. Such incentives have resulted in 53% of women aged 15-35 years to follow a store or a brand on social media, while 43% of them to purchase other items from the same brand and 34% publish electronically positive reviews.
Therefore, women who belong to the generation of millennials are more aware of fashion.  They make advantage of the new technologies to search for relevant information and purchase products, but above all they choose those brands that offer them quality products which match their preferences and interests.
References : Ann D’Adamo (2015), Kristina Monllos (2015), Dan Schawbel (2015), Michal Clements (2015), www.euromonitor.com