MMGNET’s MMGNET 2024 US Fashion Consumer Outlook explores the complexities of ever-changing spending in the mass-market, mid-market, luxury, and second-hand segments.
NEW YORK, NY / ACCESSWIRE / April 3, 2024 / MMGNET, the B2B ecosystem and go-to resource for the fashion industry, announces the release of its 2024 U. S. Fashion Consumer Outlook. As the first market research report and data-driven studies. Published via MMGNET, this outlook report will offer authoritative insights into the preferences, behaviors, and trends of fashion consumers in the United States, revealing key market shifts, preferred categories, strategies, and discoveries, as well as the buying adventure that will describe the American fashion market place in the coming year.
Launched in February 2024, MMGNET, the new main logo for MAGIC, PROJECT, SOURCING, and COTERIE, exists to help the industry further take advantage of the limitless possibilities for partnerships, expansion, and innovation by creating more touchpoints and opportunities to move forward throughout the year. Its Actionable Insights pillar, powered through proprietary survey insights and research-based content, is at the heart of MMGNET’s efforts to empower and inform fashion stakeholders across the industry. The U. S. Fashion Consumer Insights ReportThe U. S. Census Enforcement 2024 focuses on customer insights and offers insights that will help make business decisions across all types of fashion players, from supply chain to retail, from apparel designers to marketers, CEOs, and more.
Kelly Helfman, President of the MMGNET Group, says, “MMGNET represents the evolution of how we help the industry and our clients, not only through business and connection opportunities, but also by offering resources throughout the year that lead to greater business decisions and shape informed strategies. “
Based on a nationally representative survey of U. S. consumers, exclusive interviews with experts, and a survey of fashion industry professionals, the Consumer Insights report offers authoritative insight into the personal tastes of U. S. fashion consumers in the mass, mid, luxury, and pre-market markets. -Own segments. Below are some highlights:
Global Fashion Spending Outlook
76% of U. S. consumers say they plan to spend as much or more on fashion between 2024 and 2023.
Consumers plan to spend more on beauty, clothing, home, and footwear in 2024.
Handbags are the most sought-after by women aged 18 to 24, while jewelry is the most sought after by women aged 25 to 34.
About 40% of women and 30% of men under the age of 34 plan to buy functional sneakers, reflecting strong demand for functional clothing brands, whether for exercise or wear.
Triggers and Influences of Consumer Purchases
Consumers are driven to buy fashion primarily because of functional desires or when they see significant deals or discounts.
Fashion Discovery & Shopping Channels
Consumers say browsing fashion online and in stores is their main source of inspiration for knowing what to buy, while social media has less influence.
E-commerce will continue to gain a percentage of fashion sales, although in-store grocery shopping remains dominant.
Fashion Resale Insights
“Understanding your target customer, their challenges, their buying process, and the most sensible spending priorities is more critical than ever to have good luck in today’s market conditions,” says Teodora Nicolae, vice president of marketing at MMGNET Group. “This report will inform and empower fashion corporations of all sizes and industry professionals, across all purposes and specialties, to make data- and research-driven business decisions that will meet customer needs, solve visitor problems, and ultimately deliver a better product or experience. “
The MMGNET 2024 Fashion Consumer Outlook report is the first report of its kind and is representative of the research-backed knowledge and resources MMGNET provides as a component of its Actionable Insights program. In addition to the report, industry professionals can use MMGNET Seasonal Trends. Program, complete with segment-aligned color, silhouette, and key item forecasts, as well as occasion shopping guides, for more information and guidance on apparel and footwear categories for the Fall/Winter 2024 seasons.
In addition to virtual content and reporting programs, MMGNET will take the next step in making these insights practical through live presentations on the report’s findings and contextualized findings during on-site sessions at times throughout the rest of the year around the world. markets, adding Tentpole. MAGIC, PROJECT, and SOURCING at MAGIC Las Vegas, August 19-24, 2024, as well as COTERIE and MAGIC New York, September 22-24, 2024.
In the full report, which can be downloaded for free on www. mmgnetgroup. com, a wealth of other data can be uncovered, as well as conclusions and insights backed by experts.
About MMGNET
MMGNET is fashion’s newest B2B ecosystem and the industry’s go-to resource, where industry professionals turn to find the inspiration, links, and opportunities they want to grow their businesses, network, and manage fashion responsibly. With its broad global reach, decades of unwavering industry experience, world-class content programs, and a comprehensive portfolio of advertising brands and advertising occasions (adding MAGIC, PROJECT, COTERIE, and SOURCING into MAGIC) MMGNET provides opportunities to stay informed year-round, grow, connect, and discover. MMGNET Group is a subsidiary of Informa Markets (LON:INF). To learn more about MMGNET and the MMGNET Group’s portfolio of brands, please visit mmgnetgroup. com.
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SOURCE: MMGNET Group