Millennials Are Dressing More Like Their Parents – And It’s Terrible News For H&M And Forever 21
Secondhand shopping is booming, and it shows that customers are growing tired of fast-fashion retail. In the past five years, the $20 billion resale market in the US has outperformed the overall retail market, according to research firm IBISWorld. The trend for secondhand shopping gained momentum in the post-recession period, when shoppers were looking to be more frugal with their spending, according to IBISWorld research. But its popularity today isn’t only motivated by a desire to be more cost-conscious. Millennials are becoming increasingly aware of the negative environmental impact of cheap fast fashion, and they’re growing tired of the low-quality, throwaway styles being churned out by certain retailers. H&M’s slowing sales growth in 2017 is a good indicator of this. The company is being hit from several sides. It’s been undercut by online stores such as ASOS, Boohoo, and Missguided, which have reduced supply-chain times to as little as one week and are able to roll out new styles extremely quickly. It’s also losing out to rival fast-fashion stores such as Zara, which offer better quality clothing at a higher price point. Read more at Business Insider.
