In the middle of the boom fast mode industry, Gen Z is bucking the trend and investing more in quality fashion than their Gen Y counterparts.
Australians are shopping less and better, opting for vintage fashion and investment coins.
The Australia Fashion Shopping Habits and Attitudes Survey found nearly 40% of Australians are spending less on purchases than five years ago, while more than 30% say they have become concerned about sustainable purchases.
Jye Marshall, designer and board member of Australian Fashion Innovation, says the Australian fashion landscape is going through a pivotal time.
“It’s interesting to see how these buying behaviors have started to change, especially with the younger generation, who are more environmentally conscious and willing to invest in vintage or used items,” he said. he declares. In fact, the survey found Gen Zers were twice as likely to be open to thrift and rental outfits as baby boomers.
“On top of that, consumers are starting to become more aware of their local ecosystems, as well as the benefits of recycling and investing in timeless pieces, which is really exciting,” Jye continued.
When it comes to what buyers define as a timeless investment piece, luxury items that are high quality, on-trend and will increase in value over time are key indicators of a good fashion investment.
“When investing in high-end brands, people often buy accessories like handbags, shoes, or jewelry,” Jye explained.
“The reason for that is that they’re more likely to transcend trends, so you’ll get the most out of them. People can also often resell them as vintage items or used pieces, which is why we see the Generation Z invest so heavily.
Long-standing designer brands like Louis Vuitton, Gucci, Dior, Prada and Hermès were counted as the most purchased brands in 2022, according to Vestaire Collective.
Vestiaire is the world’s leading online marketplace for authenticated second-hand luxury fashion, offering everything from vintage Versace dresses to rare Chanel handbags. Other designer resale sites include The RealReal and 1stDibs, where fashion lovers flock to buy iconic designer pieces from past runway collections.
When it comes to Australian designer brands, Jye says Australians share a love for Australian-made products, especially key pillar brands like RM 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 founded on the philosophy of supporting local industries and perpetuating a contemporary take on classic menswear styles. The Australian brand specializes in overcoats, oversized shirts, woolen trousers and tailored shirts.
Translating from a number of Australian Aboriginal languages into ‘us’ or ‘us’, Ngali is a brand that showcases Aboriginal and Torres Strait Islander artwork in clothing and collectibles. Bold prints, earth tones and silk scarves are some of the key elements of this growing brand.
Melbourne-based independent Australian menswear brand MNDATORY was founded in 2016 on the design philosophies of architect Louis Kahn. Focusing on the honor of fabric, MNDATORY specializes in timeless outerwear, artful tailoring and casual basics.
Looking to invest in a designer handbag? here are the best designer styles invest for aesthetic and resale purposes. Or, for more Australian brands, read It’s in the bag: the best Australian designer bag brands to put on your radar.