G L O B A L A N A L Y S I S: For this research and proposal, the social and technological aspects are most useful, therefore the political and economical analysis has been placed in the Annex: Figure 4 .
S O C I A L: Currently, people around the world are increasingly becoming more aware of the actions and effects of not only entities and governments, but by people in general. This has caused a hightened desire for transparency and more sustainable methods to be shown and implemented. People, and especially younger generations, are worried about the current and future global climate, therefore desire to support businesses who implement values such as sustainability. Overall,: • The lifespan of the fashion product is becoming more elastic as pre-owned, refurbished, repair and rental business models continue to evolve. • Simply put, young people today crave newness, and these cohorts are much more likely to embrace churn in their wardrobes. At the same time younger generations are more interested in sustainable clothing than older consumers. Rental, resale and refurbishment models lengthen the product lifecycle while offering the newness consumers desire. • Consumers from some, but not all markets will reward players that take a strong stance on social and environmental issues beyond traditional CSR. • After years of having personal data owned and handled by businesses, a more distrusting consumer now expects companies to reciprocate with radical transparency and sharing of information. • There are growing numbers of B-Corporations, which are certified to have considered the impact of their decisions on people, society and the planet. • Consumers want to support brands that are doing good in the world, with 66 percent willing to pay more for sustainable goods. Some 42 percent of millennials say they want to know what goes into products and how they are made before they buy, compared with 37 percent of Gen Z.7 (Amed et al., 2019)
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