Generation Z (Gen-Z), the generation born between 1995 and 2009, currently accounts for more than 2 billion people, or about 30% of the world’s population, according to the World Economic Forum. By 2023, Gen-Z is projected to make up 27% of the global workforce and have a purchasing power of $450 billion, according to the BBC.
“Reinventing Influence: Gen Z’s Impact on Fashion Marketing” is a new report from Launchmetrics, a software, data and insights company, providing expert analysis and insights into global data on brand and influencer Media Impact Value (MIV). MIV is a proprietary algorithm created and trademarked by Launchmetrics that measures and benchmarks the impact of all media coverage and mentions across multiple voices and channels in the fashion, lifestyle and beauty industries.
The Launchmetrics report ranks fashion and lifestyle brands and retailers across luxury, premium and mass-market segments, assessing their market position based on MIV, recognizing the brands generating the greatest growth and the most influential brands and case studies on leading examples from each category.
Below, BoF shares excerpts from the report, highlighting which fashion and retail brands are currently performing well in terms of MIV.
Opens in a new window. Learn more in the report “Reimagining Influence: Gen Z’s Influence on Fashion Marketing.” (Launchmetrics)
Luxury Brand Insights: Building your brand with content that people will talk about
BoF: The luxury segment has been experiencing rapid growth for over a decade, but brands are currently struggling to maintain momentum. However, growth for Prada’s Miu Miu label is well outpacing the overall luxury market, with retail sales up 58% in 2023. A key part of the strategy is to get the brand in front of a larger potential audience through media coverage. For example, the micro mini skirt for Spring/Summer 2022 generated a lot of buzz in the media. Importantly, you didn’t need to buy the skirt to be part of the conversation. A younger audience could slip one on at home and feel part of the moment.
Launchmetrics reports: Overall, the luxury industry has seen incredible growth since the pandemic. The top 20 brands alone have seen an average 69% increase in MIV in just three years, with Dior, Chanel, and Louis Vuitton rounding out the top three. Loewe, Celine, Miu Miu, and Valentino all saw significant increases in MIV as well.
Miu Miu has always been known as Prada’s little sister, but staying young and current is just as tough a task as any other brand. The Italian luxury house knows that knowing its products well isn’t enough, collaborating with the right voices is key. For its SS24 collection debut, Sydney Sweeney, Emma Chamberlain, Zaya Wade and Alix Earle all attended the show and created buzz for the brand on social media.
Within this segment, celebrity voices have seen significant growth over the past few years, more than quadrupling in value from $1.7 billion to $7.6 billion (+347 percent increase, the largest increase among all voices across all segments). The voices with the second highest growth rate were influencers (+177 percent).
Further insights in the report include Schiaparelli’s significant MIV growth since the pandemic and the strategy behind it, Kylie Jenner’s lion dress look and Doja Cat’s head-to-toe red crystal encrusted look while sitting front row at the SS23 Haute Couture show.
Premium Brand Insights: Digging deeper into topics that matter to Gen-Z
BoF: Luxury brands are benefiting from well-timed celebrity campaigns. For example, Skims tapped “The White Lotus” actors Simona Tabasco and Beatriz Grano for its Valentine’s Day 2023 campaign, and Calvin Klein tapped “The Bear” actor Jeremy Allen White for its Spring 2024 campaign, which saw lingerie sales increase 30% year-over-year. According to BoF-McKinsey’s “The State of Fashion 2024” consumer research, consumers are increasingly drawn to influencers who are relatable and authentic over other attributes such as aspirational lifestyles or celebrity status.
Launchmetrics: Kim Kardashian’s brand, Skims, didn’t even make the top 20 during the pandemic year, but has risen to the top of the charts with an MIV of $638 million in 2023 (up 407% since 2020).
Founded in 2019, Skims is now reportedly worth $4 billion and is the ultimate example of influencer marketing success: Kim Kardashian has increased the brand’s media impact value not only through her own fame, but also through her collaborations with a wide range of celebrities (including Cardi B, SZA and Brazilian soccer player Neymar da Silva Santos Jr.).
By addressing the untapped niche of shapewear and loungewear for people of all skin tones and body types, Skims has cultivated a unique lifestyle and community that resonates with the values of inclusivity and the needs of the newest generation of shoppers.
American brands dominate the top 10 luxury brands (Skims, Calvin Klein, Coach, Levi’s, Michael Kors, Tommy Hilfiger). The average growth rate of MIV for the top 20 brands over the past few years is +114 percent (compared to 69 percent for luxury brands).
For premium brands, influencer testimonials saw a staggering 214 percent increase in MIV, from $2.1 billion to $6.6 billion. However, it was celebrity testimonials that saw the greatest growth, at 262 percent.
Read more insights in the report, including Levi’s strategy to leverage influencer Emma Chamberlain to connect with a younger, more environmentally conscious generation.
Sportswear and Mass Market Brand Insights: Focus on Comfort and the Cultural Moment
BoF: Sportswear will remain a prominent category in 2024, and Nike continues to dominate the sector, continuing to launch bold advertising campaigns featuring famous athletes and linking the brand to cultural moments and social causes. This approach is well received by Gen Z, who prefer to align with brands that share their values on issues such as sustainability. However, their consumer and social media behavior doesn’t always follow suit.
Launchmetrics: The mass market fashion and sportswear sector saw the slowest growth compared to premium and luxury, growing MIV by an average of +62% across the top 20 brands, slightly behind luxury (+69%). Nike, Adidas and Zara continue to hold onto their top three spots, proving they are adept at maintaining a presence among younger consumers.
Shein’s growth is the most notable among the top 20 mass-market brands, which is perhaps unsurprising as the Chinese giant has been featured as one of Gen Z’s favorite brands in several studies, including Piper & Sandler’s analysis of Gen Z’s favorite brands.
In 2023 alone, Shein’s MIV recorded 305,000 posts, up 41% year-on-year. The brand is primarily focused on expanding its influence through owned media and influencers (accounting for 35% and 41% of Voice share in 2023, respectively), but also leverages celebrities to generate buzz.
What helped SHEIN take the top spot in 2023 was its partnership with Brazilian Gen Z celebrity Virginia Fonseca Serran Costa, who generated $853,000 in revenue from just one Instagram post.
Influencer testimonials have seen the most growth in this segment since 2020, at +90 percent, nearly doubling their MIV value from $3.7 billion to $7 billion. Celebrity testimonials have almost doubled in value, growing +74 percent, but still have a lower share of value than premium and luxury brands.
The report offers many more insights, including a Crocs case study, a deep dive into Gen-Z’s desire for unique and ever-changing fashion trends, and the footwear company’s various collaborations with brands like MSCHF, Balenciaga, and Barbie.
This is a paid sponsored feature offered by Launchmetrics as part of the BoF partnership.
