MMGNET RELEASES 2024 US FASHION CONSUMER OUTLOOK REPORT
MMGNET, the fashion industry’s B2B ecosystem, has released its 2024 US Fashion Consumer Outlook Report. As the first data- and market-researched insights report released by the Informa Markets subsidiary, the report offers authoritative insights on US fashion consumer preferences, behavior, and trends. It reveals key market shifts, preferred categories, methods, discovery, and the journey to purchase that will define the US fashion market in the year ahead.
Launched in February, MMGNET, the new parent brand to MAGIC, PROJECT, SOURCING, and COTERIE, exists to help the industry further tap into the limitless potential for partnerships, growth, and innovation by creating more touchpoints and opportunities for connection throughout the year. Its Actionable Insights pillar, driven by exclusive survey data and research-backed content, is at the heart of MMGNET’s efforts to empower and inform fashion stakeholders across the industry. The 2024 US Fashion Consumer Outlook Report focuses on consumer insights, providing information supporting every fashion stakeholder’s business decisions across the fashion landscape, from supply chain to retail, from clothing designers to marketing executives, CEOs, and more.
Kelly Helfman, President of MMGNET Group, states: “MMGNET is the evolution of how we support the industry and our customers not just through opportunities for commerce and connection but by providing year-round resources that drive better business decisions and shape informed strategies.”
MMGNET 2024 US Fashion Consumer Outlook Report Highlights
Based on a nationally representative survey of US consumers, exclusive expert interviews, and a survey of fashion industry professionals, the consumer insights report offers an authoritative view of US fashion consumer preferences across the mass-market, mid-market, luxury, and secondhand segments. Some highlights include:
Overall Fashion Spending Outlook
76% of US consumers say they plan to spend as much or more on fashion in 2024 compared to 2023. Consumers plan to spend more on beauty, apparel, home, and footwear in 2024.
Category Spending Outlook
Handbags are top of the accessory wish list for women aged 18-24, while jewelry is the most sought-after for those aged 25-34.
Approximately 40% of women and 30% of men under 34 plan to buy performance sneakers, reflecting a surge in demand for performance-wear brands for both exercise and everyday wear.
Consumer Purchasing Triggers and Influences
Consumers are primarily driven to shop for fashion due to functional needs or when they see major sales or discounts.
Young consumers (18-34) are more likely to shop for fashion ahead of special occasions or to secure coveted, limited-edition items.
Fashion Discovery & Purchase Channels
Consumers say browsing fashion online and in-store is their top source of inspiration on what to buy, while social media has less sway.
Online will continue to gain share of fashion sales, but in-store shopping remains dominant.
Fashion Resale Outlook
Overall, shoppers are most likely to donate, hand down, or throw away used garments — however, younger consumers are more likely to sell via resale platforms.
“Understanding your target consumer, their challenges, their journey to purchase, and key spending priorities is more critical than ever to success in today’s market conditions,” explains Teodora Nicolae, Vice President of Marketing, MMGNET Group. “This report will inform and empower fashion companies of all sizes and help industry professionals across all functions and specialties make the data and research-driven business decisions that help meet consumers’ wants and needs, solve customer pain points and ultimately deliver a better product or experience.”
The MMGNET 2024 Fashion Consumer Outlook Report is the first report of its size and represents the data and researched-backed resources MMGNET delivers as a part of its Actionable Insights program. In addition to the report, industry professionals can utilize the MMGNET Seasonal Trend Program, complete with segment-aligned color, silhouette, and key item forecasts along with event buyer guides, for additional layers of insights and direction on apparel and footwear categories for the Fall/Winter 2024 seasons.
In addition to the digital report and content programs, MMGNET will take the next step towards truly making these insights actionable by delivering live presentations on report findings and contextualized takeaways at on-site sessions during events across markets throughout the rest of the year. These include the tentpole event MAGIC, PROJECT, and SOURCING at MAGIC Las Vegas, August 19-24, 2024, and COTERIE and MAGIC New York, September 22-24, 2024.
Many more data and expert-backed findings and insights can be found in the full report, available for free download at mmgnetgroup.com.
