The one reason Forever 21 is dominating millennial fashion
There are young, cash-strapped customers who just want to get their hands on stylish clothing, not caring if its going to wear out quickly. But as many women get older, they tend to prefer higher-quality clothing they won't have to replace constantly.
The former category is helping Forever 21 thrive.
Goldman Sachs and Teen Vogue recently polled fashion influencers - or "it girls," as the survey dubbed them - ages 13-29. This survey set out to answer where the youngest consumers like to shop.
Apparently, they not only like Forever 21 - they love it.
Forever 21 came in at number 8 on the list of brands that matter to fashion-forward "It Girls." The retailer topped the survey's 'Love List,' which ranked brands based on their respective levels of familiarity and affinity, as well as how much people talked about the respective brands. Forever 21 beat out teen staples like Urban Outfitters and H&M.
Why would a brand that offers low-cost, low-quality apparel rank so high with fashionable teens?
The answer might be simple: Forever 21 is targeting a girl who is not yet interested in purchasing quality clothes. She just wants to look good. And when that girl moves on, another crop of girls will enter Forever 21's throes.
Ultimately, the name "Forever 21" says it all. To a young woman who can't legally drink yet, turning 21 is the dream. (To an older consumer, being trapped in a 21-year-old's body forever probably sounds horrifying.) But Forever 21 is "aspirationally 21," as Liz Dunn, CEO of Talmage Advisors, put it to Business Insider earlier this fall.
This cheap, ephemeral fashion doesn't bother this consumer. After all, this consumer is more interested in spending money on technology and experience than apparel, anyway.
"You're attempting to get the looks for less, right?" Dunn said. "The consumer is aware that the brand is derivative - that's probably why they're buying it."