Value is a key motivator for millennials when making fashion brand purchases. More than 85 percent of surveyed individuals 18-25 years old perceive value as a major purchase driver, however almost 47 percent said the fashion industry as doing a marginal to poor job of executing it, according to the results of a study conducted by LIM College professors Robert Conrad, MBA and Kenneth M. Kambara, Ph.D.
The study, “Shopping Trends Among 18-25 Year-Olds,” surveyed 275 LIM College students in associate through master’s-level programs. The survey also examined customer satisfaction, which 75 percent of millennials consider to be a major driver, but almost 43 percent said the industry is doing a marginal to poor job of executing.
Approximately 67 percent of those surveyed consider uniqueness to be a major purchase driver, but almost 35 percent were dissatisfied with brands’ efforts.
In reviewing these findings, Kambara highlighted the idea that companies should not only consider customer experience, but also to look at what they are offering. Kambara said, “While we see satisfaction and perceived value are driving choice, we also know from decades of research that these are affected by perceived quality and customer expectations. Uniqueness and innovation should probably be looked at as levers.”
The participants were asked to name their favorites brands from the last few years, and the top three identified by millennials surveyed were Zara, H&M and Urban Outfitters.