College fashion might traditionally be associated with school tees and slouchy sweatpants, but it's time to start giving students more credit for their personal style. Millennials are an extremely discerning bunch when it comes to shopping, and a new report shows they've moved on from some of their formerly most beloved brands.
Indiana University’s Kelley School of Business surveyed 600 students for its inaugural FIndex (Fashion Innovation Index), and found the coveted demo to be shunning many of the companies that market hardest to it. According to the report, brands such as Ugg, Michael Kors, Abercrombie & Fitch, Hollister Co., and Timberland are no longer appealing to the studious set. The explanation? The clothes simply aren't interesting enough.
As John Talbott, associate director of the IU Kelley School of Business' Center for Education and Research in Retailing, explained in a press release, "Whenever we have prolonged periods of pretty strong financial performance, what tends to happen for retailers is they become more conservative in their approach to product. They take fewer chances. Because last spring worked pretty well, they go back and think of things in terms of a sequel."
This lack of innovation has inspired young shoppers to instead branch out into other brands, such as Kate Spade and Urban Outfitters, two that continuously offer fresh styles — and not to mention, stores conveniently located near college campuses. Rather than fancy magazine campaigns or even celebrity endorsements, it all boils down to simple qualities such as brands having a fresh aesthetic, accessibility, and affordability. Considering the millenial customers are expected to spend $65 billion dollars over the next decade, retailers everywhere would be wise to listen up.
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