Young at Heart

There has become a sudden increase in the Flat-Agers, who are defined by being over 60 and having no input within the fashion industry. However, this has now changed, and instead are becoming more of the targeted audience due to the money that the consumers have, as they are no longer working and have the necessities of the modern world. The money is therefore able to be spent on meaningful connections to them, such as family or friends, as well as adventures, experiences and products which they are yet to have consumed themselves. 

People are now living longer, which is something that is becoming more of a reality within our culture; people are retiring later, and are becoming healthier due to the accessible resources. A prime example of this is the wonderful Anna Wintour, who is indeed 64 years of ago, however she doesn’t wear an anorak and comfy plat shoes, nor does she stop looking stylish and keeping up to date with technologies and the fashion industry; so why should all of the other older generation nor follow in her footsteps?

‘Something exciting is in the air. Forget everything you thought about being old, or age even. In the society of the future, age isn’t just a number – it’s flat.’

There was once a gap between age and beauty, yet Meryl Streep, Emma Thompson, Daphne Selfe, Alexandra Shulman and many other inspirations within the industry have proven that you can re-adventure into the new world, and that within that age gap they’re increasing becoming more adventurous, beautiful and willing to try new things; which is what you’d expect the younger generation to do. This creation within the industry hs driven to older models, such as Bernhard Wilhelm, and the rise in technology blooming within the flat-agers. 30% of American’s between 50-64 years old own their own tablet or iPad, proving that you’re never too old for a new adventure.

THE NEW VALUE ECONOMY

There has recently been a high shift towards access rather than ownership of products; meaning that within the industry we now share, rent and borrow products instead of individually purchasing. This therefore creates a large impact on the reputation, trust and how we value the market. Because of this sudden shift of ownership, it has now effected the way that the younger consumers now curate their identities, as well as valuing products. 

There is now an element of fashion which is called the Sharing Economy; Consumers no longer therefore have the same relationship with goods and particular services. Meaning that with the rise of technologies such as Instagram and Vine, the younger generation are now able to craft their own images. Also, as there has been such a push with technology over the years there is no difference from Work and Home life, as we are all on smart phones, there is no definitive line of which stops when and where the other starts – meaning there is no down time. The new element of online stores and the combination of web magazines is due to the relationship with the younger generation and the way they communicate with brands – is it always accessible to shop online but not aways in person, meaning the face to face confrontation is becoming minimal.

‘In this World, in which we are constantly on Instagram on Twitter, on Facebook…it creates even more demand to wear aspirational clothing, to wear designer brands, to show up at cool places around the world – it fuels the experience economy.’

Consumers are now challenging the value of luxury goods, as copies and fakes are now so accessible – meaning that a negative link with luxury has therefore been formed. The new platforms that we have now, causes designers to move forward all of the time due to the fast moving market and the push from the audience – new materials are constantly being pushed, technology fashion.

High end designers area also approaching this playful approach, using new and fresh materials when creating to make the good more interesting and high end. Physical products have decreased in recent years, as smartphones have had such an impact in the way the shopping experience now occurs. It is now seen that owning a product is a burden, instead you want a temporary arrangement to constantly have the best up and coming, unique product or experience available. 

Bridge Brands

Bridge Brands sit above the high street, but below Luxury fashion, it is used as the bridge between the expensive market and the more moderate pricing. The term ‘Bridge Brands’ originates int he 70’s due to the gap in the market which quickly emerged as there was a large gap within the industry. Because of the link between the two, there is a larger target market due to the range in price; meaning that the market is very middle classed, and predominately women aged 30 onwards; very sophisticated fashion lovers who have an income to dispose of. The entry price for a bridge brand is around £50, which is a lot more realistic within the target audience, such shops as Ted Baker, Karen Millen, Joseph, L.K. Bennett and Heritage; these are upperclass designer shops, which are concentrated on their target audience. The brand Reiss have several stores across the UK, Ireland, Asia, USA and Malaysia, proving the desire and want for this market, as well as many bigger brands, such as Cos owning other smaller companies, which are either in the same market of the lower level, such as H&M.