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MMGNET Releases 2024 US Fashion Consumer Outlook Report

Wednesday, 03 April 2024 01:12 PM

The MMGNET 2024 US Fashion Consumer Outlook Report by MMGNET delves into the intricacies of ever-evolving consumer spending across the mass-market, mid-market, luxury, and secondhand segments.

NEW YORK, NY / ACCESSWIRE / April 3, 2024 / MMGNET, the fashion industry's B2B ecosystem and go-to resource, today announces the release of its 2024 US Fashion Consumer Outlook Report. As the first data and market-researched backed insights report released by MMGNET, this outlook report will offer authoritative insights on US fashion consumer preferences, behavior and trends revealing key market shifts, preferred categories, methods and discovery and the journey to purchase that will define the US fashion market in the year ahead.

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 US 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, 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 on 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 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 with event buyer guides, for an 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 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.

For more information on MMGNET and MMGNET Group please visit www.mmgnetgroup.com.

About MMGNET

MMGNET is fashion's newest B2B ecosystem and the go-to industry resource, where industry professionals go to source the inspiration, connections, and opportunities they need to build business, network, and responsibly steward fashion forward. Through its extensive global reach, decades of unwavering industry expertise, world-class content programs, and a comprehensive portfolio of trade and industry event brands - including MAGIC, PROJECT, COTERIE, and SOURCING at MAGIC-- MMGNET delivers year-round opportunities to learn, grow, connect, and discover. MMGNET Group is a subsidiary of Informa Markets (LON:INF). To learn more about MMGNET and the MMGNET Group portfolio of brands, please visit mmgnetgroup.com.

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SOURCE: MMGNET Group

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Company Update
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