Speed is This Season’s Hottest Fashion Trend, According to Research from Kurt Salmon, Part of Accenture Strategy
April 05 2017 - 1:59AM
Business Wire
Retailers need to get in shape to meet consumer
demand for a fast fashion fix
WORLD RETAIL CONGRESS -– With one in eight younger consumers (18
to 24 year olds) shopping every week and buying a fashion item at
least once a fortnight, retailers are gearing themselves up to meet
growing demand for fast, on-trend, fashion-led styles, according to
new research from Kurt Salmon, part of Accenture Strategy. Speed
and agility are the top priorities for every retailer competing in
fast fashion.
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Retailers are gearing themselves up to
meet growing demand for fast, on-trend, fashion-led styles (Photo:
Business Wire)
“Young consumers have a ‘see now, buy now, wear now’ mentality
when it comes to fashion, which has been driven by big fashion
houses making the latest designs and styles available to buy
straight from the catwalk. This is challenging retailers to improve
their operational agility to meet rising demand for current
trends,” said Dan Murphy, managing director, Kurt Salmon, part of
Accenture Strategy. “This insatiable appetite for fast fashion will
inevitably continue as these shoppers age. There is no reason to
believe that younger consumers, who have grown up wedded to devices
and social media, will expect anything less than instant
gratification in years to come, and continue to possess the same
sense of style and image.”
Kurt Salmon, part of Accenture Strategy, conducted interviews
with 23 Chief Executive Officers (CEOs) and senior executives at
leading global fashion retailers to explore the ‘see now, buy now,
wear now’ trend and the readiness of retailers to deliver. A survey
of 2,000 UK consumers was also conducted to understand current
appetite for fast fashion.
‘See now’
With many younger consumers constantly searching for style
inspiration on everything from social media to the high street,
retailers are under increasing pressure to turn around new lines in
record time. Many have been working hard to reduce their lead times
to meet this growing demand for fast fashion. One leading fashion
retailer is now delivering new lines in two to three weeks; yet
speed is only part of the success equation.
“Retailers need to accurately analyze what is selling in
real-time and be in a position where they can react quickly,”
explained Murphy. “According to one major fashion retailer, there
is now only a 24 to 36-hour window from browsing to buying.
Retailers that actively engage with their customers, analyze
shopping and social media habits, and pre-empt future trends, will
be the winners in the fast fashion market.”
‘Buy now’
Speed of delivery of online orders is also highly important to
consumers. Accenture research highlights that one in five of 18 to
20 year olds want same day delivery, and a further 13 percent want
delivery in less than half a day. Twenty-one to 37 year olds are
slightly more relaxed with almost a third happy for their orders to
arrive the next day.
‘Wear now’
The study found that shoppers buy for the present, with 53
percent of all consumers surveyed wearing items within a week of
purchase, and 15 percent wearing items the very same day. For
younger consumers (18 to 24 year olds), the numbers increase; 60
percent wear items within a week of purchase, and one in five wear
items on the same day of purchase.
While the majority of younger shoppers claim that ethical
sustainability is a key factor informing their purchasing
decisions, their behaviour suggests otherwise; less than half (48
percent) of 18 to 24 year olds recycle their clothes. Additionally,
half (50 percent) of retailers surveyed say they are actively
exploring new ways to extend the product lifecycle, using recycled
materials, or facilitating clothes swapping and sharing.
Please find further information about the report here. Join the
conversation at @AccentureStrat.
About the research
Kurt Salmon, part of Accenture Strategy, conducted interviews
with 23 Chief Executive Officers (CEOs) and senior executives at
leading global fashion retailers to explore the ‘see now, buy now,
wear now’ trend and the readiness of retailers to deliver. A survey
of 2,000 UK consumers aged between 18 to 55+ was also conducted to
understand current appetite for fast fashion.
About Accenture
Accenture (NYSE:ACN) is a leading global professional services
company, providing a broad range of services and solutions in
strategy, consulting, digital, technology and operations. Combining
unmatched experience and specialized skills across more than 40
industries and all business functions – underpinned by the world’s
largest delivery network – Accenture works at the intersection of
business and technology to help clients improve their performance
and create sustainable value for their stakeholders. With
approximately 401,000 people serving clients in more than 120
countries, Accenture drives innovation to improve the way the world
works and lives. Visit us at www.accenture.com.
Accenture Strategy operates at the intersection of business and
technology. We bring together our capabilities in business,
technology, operations and function strategy to help our clients
envision and execute industry-specific strategies that support
enterprise wide transformation. Our focus on issues related to
digital disruption, competitiveness, global operating models,
talent and leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy.
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