Mmgnet Group, a subsidiary of Informa Markets, has released a comprehensive fashion consumer report as part of its "Actionable Insights Program." This report provides valuable insights into shopping preferences and trends in the fashion industry.
Complementing Mmgnet's "Seasonal Trend Program," which offers forecasts on color, silhouette, key items, and buyer guides for events, the consumer report aims to deliver live presentations of its findings during various events throughout the year, including Magic, Project, Sourcing at Magic Las Vegas, and Coterie and Magic New York.
Some key findings from the report include insights into the triggers that influence fashion shoppers. Functional needs and major sales or discounts were identified as primary drivers for consumers. Additionally, younger consumers between the ages of 18 and 34 are more likely to shop for fashion ahead of special occasions or to secure limited-edition items.
The report highlights that browsing fashion both online and in-store is the top source of inspiration for consumers, with online shopping gaining share but in-store shopping remaining dominant. Regarding the resale market, younger consumers are more likely to sell garments via resale platforms.
In terms of spending intentions, 76% of U.S. consumers plan to spend as much or more on fashion in 2024 compared to the previous year. Handbags are particularly sought after by women aged 18 to 24, while jewelry is more popular among those aged 25 to 34. Additionally, there is a surge in demand for performance sneakers, with approximately 40% of women and 30% of men under 34 planning to purchase them.
Teodora Nicolae, vice president of marketing at Mmgnet Group, emphasized the importance of understanding target consumers' needs and challenges in today's market. The report aims to empower fashion companies of all sizes to make data-driven decisions that meet consumers' wants and needs.
Mmgnet, launched in February, aims to create more opportunities for partnership, growth, and innovation in the fashion industry. Kelly Helfman, president of Mmgnet Group, sees the organization as evolving to provide year-round resources for better business decisions and informed strategies in the fashion industry.
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