Fashion Forward Customers Lead The Apparel Industry

Fashion industry has gone through a rapid transition during the past decade. With unpredictable trends popping up every now and then, who is leading the industry?

In a global perspective, fashion apparel is one of the most important sectors in the clothing industry in terms of customers, investment, revenue generation, and employment. The industry is anticipated to grow in leaps and bounds in the years to come. Apparel industry, like the autumn trees shedding leaves, making way for future growth is experiencing changes frequently, undergoing positive evolutions. A recent market estimate states that the global fashion apparel industry will reach a value of $ 1,781.7 billion by 2010. Apparels, especially fashion garments have a very short life cycle with unprecedented trends springing up every now and then. Manufacturers adopt creative ideas to enhance their business models and strategies.

Consumers - the driving force:

Today's consumers are well aware of the upcoming trends, and competitive pricing. Media such as internet, magazines, and television are playing an integral role in spreading the awareness. They have become more demanding, expecting a cost-effective deal in terms of both quality and pricing. Fashion apparel industry is one of the fastest-moving industries and is more consumer-driven. Apparel retailers sketch solutions for branding their merchandise, and enable adequate supply of products through their supply chain. Manufacturers are putting their best foot forward in improving the performance of the apparel supply chain, and offering a wide assortment of garments matching with the latest trends.

Fashion Forward Consumers the key facet of apparel retailing:

A recent market survey by Acxiom exploring the fashion choices, and preferences of customers revealed that they can be classified into three main categories:

Fashion Forward consumers: who look for latest trends and styles.Traditional consumers: who prefer to have a conservative look in their garments.Value-driven consumers: who seek more value and comfort in their apparels, rather than fashionable looks.

The research further states that, of the total mass of consumers surveyed 50% of them are value-driven, 34% of them are traditional, and fashion forward consumers make a mere 16% of the total population.

Despite the minority population, the third category of consumers, are likely to spend more on apparel purchases than the other two groups, and have the tendency to refer their friends and colleagues to their preferred retailer. Fashion forward women tend to spend 1.7 times more on apparel comparatively over traditional consumers, and 2.7 times more than value-driven consumers.