Thrifty Millennials

Millennials were recently blamed for the decline in Big Business (amongst so many other things). In particular, Clothing Retail shows one of the biggest declines, having had the worst start to the Financial Year since the Global Financial Crisis back in 2008. With Big Australian Retailers like Myer down 37 per cent, many are calling it the beginning of another recession.

So, are Millennials really tightening their belts? Exchanging their Avo-smash on Brioche for Beans on Toast? Their Designer Threads for Fast Fashion fixes? The current retail climate would suggest so, but with the rise of Social Influencers and Instagram, I believe there hasn't been a decline in Millennials spending at all, but a shift in where they choose to spend their hard earned cash. Now, there seems to be a higher Social conscience towards consumerism, and the impact it has on the world. 

Instagram Influencers for example, have shown that people are becoming more socially conscience and are willing to spend more on a product knowing how it impacts on the world. When Influencers recommend these products, the recommendation itself holds more weight, with environmental benefits, providing higher ROI than traditional Advertising.

what's old is new again.

The triumphant ABC Series; 'War on Waste' is still fresh in many minds. Millennials, in fact most consumers in general, are now questioning their purchases and the impact they have on the environment, as well as their own pockets. Brands with a solid Social and Ethical philosophy are fairing well in this decline, helped by loyal customers who feel invested in the Brand.
In fact, more and more we see Vintage and Pre-Loved pieces coming into the Retail Market, as well as the rise of  super successful Buy/Sell/Swap Groups for Designer Brands on Facebook. Thrift Shopping is the new way to go! 

With reducing waste in mind, Buy/Sell/Swap Facebook pages and Trading websites like Gumtree give a digital platform for people to pass on their special 'too-good-to-bin' items, preventing more clothing going to landfill. Even popular Aussie Brands like Byron Bay's biggest success story; Spell & the Gypsy Collective, with their frequent collection drops, combat the waste in a unique way. By having such a loyal (and almost fanatic) group of customers their coveted pieces are shared through a specific fan-based Buy/Sell/Swap Spell Facebook Group. So even with lots of collections, landfill waste is reduced by consumers trading at RRP.

If 'Big Business' refuse to address the drawbacks of high volume, fast fashion, Millennials and generations to come will leave them far behind. If you haven't adopted a social and/or ethical business philosophy, you need to now. More than ever, consumers are looking at the impact your business has, so whether you're just starting out or have been in the game for a while, declare your own war on waste now!