LONDON, UK. 14th February, 2024 – As London gears up to host Fashion Week, it’s not just models who will be sporting designer clothes.
According to new research released by Gen Z insights company Prograd*, 55% of Brits have at least one designer item in their wardrobe, showing a real cultural shift towards high-end fashion.
Designer Demographics: Gen Z Lead The Charge
Gen Z is leading the charge in this luxury fashion movement, with a huge 57% owning designer clothes, beating Millennials (50%) and Gen X (43%).
This trend also extends across gender lines, unexpectedly revealing that 12% of men admit to having many designer clothes compared with just 6% of women, showing a real change in perceptions around fashion.
The Investment Wardrobe: 25% of Brits See Designer Clothes as Financial Assets
But it’s not just aesthetics driving this designer revolution. A quarter (25%) of Brits now see their designer clothing as not just items to wear but as real financial assets.
With certain designer handbags and accessories outperforming traditional investments like the S&P 500, Brits are adopting a strategic approach to luxury fashion.
Additionally, nearly a fifth (17%) of Brits report purchasing designer items to celebrate milestone birthdays and 10% have inherited them, showing the sentimental value that these items hold.
Second-Hand Chic: Sustainable Fashion Choices Lead The Way
And whilst it might seem strange that so many Brits are buying luxury amidst a cost of living crisis, the rise of second-hand buying has played a key role in democratising designer fashion.
An impressive 64.5% of Gen Z, more than any other generation, are embracing the market for second-hand clothing.
This sustainable choice is echoed by 70% of women and 47% of men who are turning to second-hand purchases, challenging the fast fashion cycle and showing a shift towards quality and environmental responsibility.
Quality Over Quantity: 72% Look For Longevity
With 72% of consumers admitting that they care more about quality than anything else when it comes to their clothes, it’s no surprise that a quarter of consumers, (24%), cite the high quality of designer items as their primary reason for purchase.
Faux Fashion: A Third of Brits Admit to Owning Fake Designer Goods
Despite the positive trends, the market is not without its challenges.
A third (31%) of Brits admit to owning fake designer items, with nearly half (47%) saying you can’t tell the difference and nearly a tenth (7%) saying they want people to think they can afford a certain lifestyle.
This sentiment is twice as strong in men as in women, with 10% of men wanting to flex their lifestyle compared with just 5% of women.
Marco Loguidice, Co-Founder at Gen Z insights brand Prograd commented “As we get closer to London Fashion week, it’s clear that Brits are not just seeing designer fashion as a trend; but a movement towards quality, sustainability, personal identity and investment value.
“This year’s Fashion Week isn’t just a showcase of trends; it’s a testament to fashion’s role as a movement towards more conscious, financially responsible consumption.”
For companies looking to gather bespoke Gen Z insights, visit https://www.prograd.uk/