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'Latest' fashion is key to teenagers...
Key Note Market Assessment
Consumer research* for Teenage Fashionwear, a new Market Assessment Report from market intelligence provider Key Note, reveals that 40.7% of 16 to 19 year-olds and 43.9% of 20 to 24 year-olds claimed that it was important for them to have the latest fashions. Consumers of this age are much more likely than average to attach significance to the name of a brand or design of clothing, and are more inclined to purchase designer clothing more often than items from the average high-street clothing retailers.
Branding is the cornerstone of marketing to the teenage fashion market. Manufacturers' brands (such as Firetrap, G-Star and Diesel) set the trend for image-conscious teenagers and twenty-somethings, and retailers' brands (such as French Connection and even Topshop) are also strong markers of fashion for the young consumer. 37% of 16 to 19 year-olds and 36.4% of 20 to 24 year-olds agreed that the name of a brand or design of clothing is important to them.
Interest in fashion begins at a young age - and, as Key Note's report makes clear, boundaries are blurred between what is actually manufactured for teenagers, and similar fashions that are produced for so-called 'tweenagers'. At the older end of the spectrum, as well, it is perhaps difficult to ascertain a real difference between youth fashion and that targeted at older generations. However, youth fashion does have its own identity - it springs from the tastes and concerns of a highly communications-oriented generational group.
Key Note estimates that the market** for youth fashion in the UK is estimated to be worth £39.93bn at retail selling prices (rsp) at the end of 2008, signifying overall growth of 14.9% since 2004.
'Latest' fashion is key to teenagers...
The challenge for both retailers and brands is to align themselves with the emotional aspirations of young men and women. Many brands seek to make connections between technology and fashion, with some attempting to extend their product ranges into areas such as mobile telephones, or to use mobile technology as a channel for marketing and trend discussion. Others sponsor music events in order to align themselves even more closely with the fashion style of icons in the music world.
Competition within the retail and leisure markets for the personal disposable income (PDI) of young people is likely to remain a feature of the consumer market. The fashion market will need to compete with gadgetry, music and mobile technology, as well as music, films and other forms of social entertainment, for young people's PDI.
The report concludes that, while it is uncertain whether the current downward pressure on prices for female fashion will continue into the forecast period (i.e. up to 2013), volume demand will be maintained, due to the relatively low cost of female fashion in particular. It is possible that the clothing market may remain flat in terms of prices over the next 2 years (2009 and 2010) at least.
If the fashion industry is to continue growing, these strategies are likely to become even more sophisticated and cross-media. There is likely to be increased and more effective use of the Internet for advertising in order to both tap into youth concerns and affect choices.
Press enquiries: Lisa Ivey at Key Note at firstname.lastname@example.org or 020 8481 8750. Press/review copies of the report are available on request.
Notes to editors:
* In August 2008, Key Note commissioned an exclusive consumer survey from NEMS Market Research to examine the habits and attitudes of consumers aged 16 and over with regard to clothing retailers and fashion. The sample consisted of 1,002 adults across Great Britain. The results are presented in detail in the Consumer Dynamics chapter of the report, and the analysis focuses in particular on the responses from consumers in the 16 to 19 and 20 to 24 age brackets.
** Key Note defines this market as clothing, footwear and accessories for male and female consumers between the ages of 13 and 24. This is quite a long age span, but Key Note takes the view that the so-called 'teenage' years have somewhat expanded, particularly at the lower end of the spectrum.
Key Note's Teenage Fashionwear Market Assessment Report provides retail market sizes for clothing, footwear and accessories for the 13 to 24 age bracket - an age span that is significant enough to be differentiated and termed a 'youth market'. Undoubtedly, there is some overlap in terms of what is actually purchased among this age group (as sizes vary and, for example, some girls are buying women's clothing and some below-13s are buying older girls' clothing). The report attempts to isolate the trends, influences and concerns that characterise the UK youth market, and suggests that these are being reflected in the fashion market to a significant degree. As well as referring to government statistics that reflect socio-economic trends within the young UK population, this report also utilises consumer data - specifically, BMRB International Ltd's Target Group Index (TGI) data on purchasing.
Key Note Ltd has been providing commercially relevant market information to libraries, academia and businesses for almost 30 years. With over 1,000 titles available across 30 market sectors, and new or updated titles published every month, Key Note is one of the UK's most prolific and respected market intelligence providers. Within the range, some reports are written in response to particular market conditions, whereas other reports will be produced regularly year on year.
The Teenage Fashionwear Market Assessment Report is available to purchase from Key Note on 020-8481 8750, by e-mail at email@example.com or at www.keynote.co.uk, priced £899.