Mmgnet Group’s New Consumer Report Sheds Light on 2024 Fashion Shoppin

Mmgnet Group, a subsidiary of Informa Markets, has released a fashion consumer report that reveals shopping preferences and trends. The report is part of Mmgnet’s “Actionable Insights Program.”

Some of the findings from the report include a read on “pursuing triggers” of influences on shoppers. The report’s authors found that “consumers are primarily driven to shop for fashion due to functional needs or when they see major sales or discounts.” The report noted that consumers between 18 and 34 “are more likely to shop for fashion ahead of special occasions or to secure coveted, limited-edition items.”

“Consumers say browsing fashion online and in-store is their top source of inspiration on what to buy, while social media has less sway,” the report’s authors said, adding that online “will continue to gain share of fashion sales, but in-store shopping remains dominant.” Regarding the resale market, the report found that consumers “are most likely to donate, hand down, or throw away used garments — however, younger consumers are more likely to sell via resale platforms.”

The report revealed that 76 percent of U.S. consumers polled “say they plan to spend as much or more on fashion in 2024 compared to 2023.” Shoppers also said they plan to spend more on beauty, fashion apparel, home goods and footwear this year. And for women 18 to 24, handbags were at the top of their wish list for accessories “while jewelry is the most sought-after for those aged 25 to 34,” the report stated.

“Approximately 40 percent of women and 30 percent of men under 34 plan to buy performance sneakers, reflecting a surge in demand for performance-wear brands for both exercise and everyday wear,” the report’s authors said.

Teodora Nicolae, vice president of marketing at the Mmgnet Group, said, “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.” Nicolae said the 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.”

Mmgnet, launched in February, is the new parent brand to Magic, Project, Sourcing and Coterie, and aims “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.”

Kelly Helfman, president of the Mmgnet Group, said the organization “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.”

Source: WWD

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