Amid the booming fast fashion industry, Gen Z is bucking the trend and making more quality fashion investments than their millennial counterparts.
According to new national research into fashion trends and shopping habits from retail bank and shopping service Klarna and resale site Vestiaire Collective, Australians are shopping less and shopping better, opting for vintage fashion and investment pieces.
The survey into Australian shopping habits and fashion attitudes found that almost 40 per cent of Aussies are spending less on shopping than they were five years ago, while over 30 per cent say they’ve become concerned about shopping sustainably.
Jye Marshall, designer and board member of the Australian Fashion Innovation, says the Australian fashion landscape is going through a pivotal time.
“It’s interesting to see how these shopping behaviours have started to shift, especially with the younger generation, who are more environmentally conscious and willing to invest in vintage or second-hand items,” he said. In fact, the survey found Gen Z to be twice as likely to be open to thrifting and renting outfits compared to baby boomers.
“On top of this, consumers are starting to become more aware of their local ecosystems, as well as the benefits of up-cycling and investing in timeless pieces, which is really exciting,” Jye continued.
As for what shoppers define as a timeless, investment piece, luxury items that are high in quality, are on trend and will increase in value over time are the key indicators of a good fashion investment.
“When investing in higher-end brands, people will often purchase accessories like handbags, shoes, or jewellery,” Jye explained.
“The reason for this is they are most likely to transcend trends so you’ll get the most use from them. People can also often resell these as vintage items or second-hand pieces, which is why we’re seeing Gen Zs invest so heavily.”
Long-standing designer brands like Louis Vuitton, Gucci, Dior, Prada and Hermès were counted as the most purchased brands across 2022, according to Vestaire Collective.
Vestiaire is the world’s leading online marketplace for authenticated pre-owned luxury fashion, stocking everything from vintage Versace dresses to rare Chanel purses. Other designer resale sites include The RealReal and 1stDibs, where fashion lovers flock to snap up iconic designer pieces from bygone runway collections.
In terms of Australian designer brands, Jye says Aussies share a love for Australian-made products, especially key pillar brands like R.M. Williams and Cue as well as emerging brands like Blair Archibald, Ngali and MNDATORY.
Founded in 2014, Blair Archibald is a Melbourne-based menswear brand built on the philosophy of supporting local industries and perpetuating a contemporary take on men’s classic styles. The Australian brand specialises in uniquely tailored overcoats, oversized shirts, wool trousers and shirting.
Translating from a number of Australian Aboriginal languages to ‘we’ or ‘us’, Ngali is a brand that showcases Aboriginal and Torres Strait Islander artwork in the medium of clothing and collectables. Bold prints, earth tones and silk scarves are some of the key elements of this growing label.
Based in Melbourne, independent Australian designer menswear brand MNDATORY was founded in 2016 on the design philosophies of architect Louis Kahn. Focusing on honouring the fabric, MNDATORY specialises in timeless outerwear, clever tailoring and relaxed basics.
Looking to invest in a designer handbag? Here are the best designer styles to invest in for aesthetic and resale purposes. Or, for more Australian brands read It’s in the Bag: Best Australian Designer Bag Brands To Put on Your Radar.