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“Millennials Don’t Care About Logos”: How Collapsing Brand Loyalty Will Allow Amazon to Dominate Apparel

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Despite daily affirmations from the White House that “everything is awesome” with the economy, 2017 has been a miserable year for retailers.  As Reorg First Day points out, over 30 retailers, with debt aggregating into the billions of dollars, have filed for bankruptcy so far this year…

...with over half of them coming from the apparel industry. 

Of course, as we discuss frequently, this trend is attributable to, among other things, collapsing mall traffic courtesy of a persistent shift of consumer spending to online retailers like Amazon and others.  And while apparel was always expected, or at least hoped, to be somewhat immune from the “Amazon Effect,” one of the derivative results of lower mall traffic, and one that is only becoming more apparent now, is the collapsing brand loyalty of millennials.

As Bloomberg points out today, a whole generation of millennial Americans, who are just now starting to obtain financial self-sufficiency, couldn’t care less about polo ponies, crocodiles or any of the other clever logos that retailers have spent billions on over the years to convince you that you should pay $125 for a shirt that would sell for $15 absent the logo on the breast…

…which is great news if you’re an online retailing giant and want to get into apparel but haven’t spent decades dumping billions of dollars into now-useless brand development. 

 

According to Wells Fargo estimates, Amazon will leapfrog T.J. Maxx and Macy’s in 2017 to become the second-biggest seller of apparel and footwear in the United States and it has everything to do with how they’ve managed to transform the shopping habits of consumers.

For those of you who are old enough, consider how you planned out your apparel shopping trips in the late 90s.  For many of you it probably included a trip to the mall with predetermined stops at the specific stores you liked for any number of different reasons…not the least of which was brand recognition. 

Now, contrast that to today when apparel shopping often begins with an online search…a search which consultants at Bain & Co. recently found to often exclude any mention of a brand at all…consumers just enter “yoga pants” and see what comes up.

Of course, not everyone, including Candace Corlett of WSL Strategic Retail, thinks Amazon will be successful in apparel, saying “I don’t know anyone who is jumping up and down about buying clothes on Amazon…They’ve put together a lot of midpriced, uninteresting stuff.”  Somehow, we suspect the CEO of whichever apparel giant is forced into bankruptcy next just might disagree.

 


Source: http://silveristhenew.com/2017/12/11/millennials-dont-care-about-logos-how-collapsing-brand-loyalty-will-allow-amazon-to-dominate-apparel/


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