Local Reflections On The Start Of A Global Collapse by Mitch Santell
To all my dear readers and followers, I can finally say it is here. What is here? The start of the Global Collapse. Remember this date, August 5, 2019. Now you may say that the stock market has been volatile for a long time, and today, China has increased the trade war with America by devaluing their currency.
The U.S. stock market is legalized gambling, and most of the time, the market reflection either the optimism or pessimism of the economy six months from now. We have a real homeless problem in San Francisco, Los Angeles, and San Diego.
The middle class, for the most part, are gone. The Millenials are not an ownership generation, they are a renting generation.
As Millennials and Gen Z shoppers lean away from over-consumption, these brands are dipping their toes into the rental economy to stay in their closets…
Young consumers are “killing the shopping spree,” according to Vice. Whether they’re shopping second-hand, or just culling their closets—young shoppers are quitting fast fashion in droves. We’ve been tracking this shift for some time. Our trend Less Is More explored the rising minimalism trend, which has continued to grow: 60% of 13-36-year-olds agree with the statement, “I have been buying less clothing/accessories than I used to.” And our last fashion and shopping survey found that 57% of 13-36-year-olds tell us they would prefer to buy fewer more expensive, quality clothes, than a lot of less expensive low quality clothes. Some are inspired by Marie Kondo’s joy-sparking brand of decluttering, others are watching their budgets, while others want to help the environment—either way, over-filling their closets (and their shopping carts) is not a priority.
And these generations have alternatives to actually buying clothes. A growing number of clothing rental services has been appealing to their desires for good looking fashion without the accumulation of stuff. Rent the Runway, Le Tote, Armoire, Gwynnie Bee and many others have created new options for young shoppers. Rent the Runway has a reported 10 million members, and has expanded from event-focused rentals to an “Unlimited” subscription, opening up brick-and-mortar locations for their members to check out new items, and even a kids’ clothing rental branch. In our 2018 shopping and fashion survey, we found that 8% of 18-36-year-olds and 10% of 30-36-year-olds have rented clothing—not a huge number, at first glance, but enough that brands are taking note. If young consumers continue to eschew shopping and accumulating clothes, brands will need to find other ways to get into their closets.
Read more here: http://bit.ly/2OIHdMr
Please be patient during the first 39 seconds of Mike’s video as there is some silence as he loads up his content. 🙂