MMGNET, the fashion industry’s B2B ecosystem and go-to resource released its 2024 U.S .Fashion Consumer Outlook Report. As the first data and market-researched backed insights report released by MMGNET, this outlook report is offering authoritative insights on U.S. fashion consumer preferences, behaviors and trends. The insights reveal key market shifts, methods and discovery, preferred categories and the journey to purchase that will define the U.S. fashion market in the year ahead.
Having launched in February 2024, MMGNET, 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 opportunity for connection throughout the year. Its Actionable Insights pillar, driven by exclusive survey data and research-backed content, is at the heart of MMGNET efforts in empowering and informing fashion stakeholders across the industry. The 2024 U.S. Fashion Consumer Outlook Report focuses on consumer insights, providing information that will support business decisions every type of fashion stakeholder makes across the fashion landscape, from supply chain to retail, from clothing designers to marketing executives, CEOs and more.
Kelly Helfman, president of MMGNET Group, stated: “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 U.S. Fashion Consumer Outlook Report Highlights
Based on a nationally representative survey of U.S. consumers, exclusive expert interviews and a survey of fashion industry professionals, the consumer insights report offers an authoritative view on U.S. fashion consumer preferences across the mass-market, mid-market, luxury and secondhand segments. Some highlights include:
Overall Fashion Spending Outlook
76% of U.S. 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 for 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 is representative of 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 alongside event buyer guides, for an additional layer 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 through the rest of the year across markets, including tentpole event Magic, Project and Sourcing at Magic Las Vegas, August 19-24, 2024, as well as 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 www.mmgnetgroup.com.
