Can Gen Z find a sustainable balance between personal style and financial responsibility?
Fashion has always been a form of self-expression and identity, but for Millennials or Generation Z (Gen Z); Generation Alpha (Gen Alpha) and many more, it has taken on new dimensions. The generation, growing up in the digital age, is deeply influenced by social media, fast fashion and the need for constant reinvention. Moreover, the spending habits of Gen Z on fashion are notable not just for the frequency of purchases but also for the psychological and financial implications. While many in this generation are still students or early in their careers, they tend to spend a substantial portion of their disposable income on clothing and accessories.
The constant bombardment of new trends and must-have items can create a sense of urgency and FOMO, leading to impulsive purchases, driven by the fear of missing out on trends or sales, which is a common behaviour among the current generation. This generation is also more likely to engage in buy now, pay later schemes, which can further lead to debt accumulation if not managed carefully.
The desire to maintain a certain image can result in financial strain, as spending on fashion takes precedence over saving for the future. Algorithms on social media platforms are designed to show users content that aligns with their interests, including fashion. This means that as users scroll, they are often presented with targeted ads and influencer promotions that encourage them to buy more, even if they don't need anything.Social media is a major driver of contemporary fashion, influencing how trends are created, spread and consumed.
While it has democratized fashion, giving individuals more influence and visibility at the same time it has also contributed to the challenges of fast fashion, overconsumption and sustainability issues. Thus, while social media is not solely responsible for fashion, it is undoubtedly one of the most powerful forces shaping the industry today. As a result, fashion has become both a passion and a source of significant expenditure for the generation, driving new consumer behaviours and reshaping the fashion industry. Fashion is not just about clothing rather it is a vital tool for expressing individuality and belonging. In a world where social media plays a dominant role, the clothes one wears are often seen as an extension of one's brand.
Platforms like Instagram, TikTok and Pinterest allow users to curate and showcase their style to a global audience, reinforcing the importance of fashion as a form of self-expression.The desire to create a unique and ever-evolving identity pushes this generation to frequently update their wardrobes. Mindless scrolling for fashion is a double-edged sword. While it provides entertainment and easy access to the latest trends, it can lead to impulsive buying, overconsumption and a detachment from sustainable and ethical practices. Being mindful of how much time is spent on these platforms and making conscious decisions about purchases can help mitigate these effects.
The need to stand out while simultaneously fitting in with peer groups creates a paradoxical demand for both originality and conformity, leading to increased spending on fashion items. Fast fashion brands, have capitalized on this behaviour by offering affordable, trendy clothing that changes frequently. These brands release new collections at a rapid pace, allowing consumers of every generation to keep up with the latest styles without breaking the bank—at least in the short term. However, the low prices and frequent purchases add up, leading to significant overall spending. As this generation continues to mature, it will be interesting to see how their fashion consumption evolves and whether a balance can be struck between the desire for personal style and the need for ethical, sustainable practices.
(The writer is a faculty at Art of Living, views expressed are personal)
