The Streetwear Impact Report found that consumers in China and South Korea spend more on Streetwear each month, while Japanese consumers spend the most on average on individual Streetwear products. Streetwear consumers care less about price than they do about coolness and authenticity.
The report, produced by HYPEBEAST and Strategy&, a PwC consultancy, provides a comprehensive, data-driven overview of the streetwear market, as well as consumer behaviour and preferences, and reveals how streetwear disrupts the fashion industry in multiple dimensions, from creative development to marketing and distribution.
Of all streetwear products, 62 per cent said they would rather spend money on streetwear footwear, with only 30 per cent preferring T-shirts and hoodies. But in terms of sales, the three are about equally popular, according to the industry. But 72 percent of luxury street brand workers said street sneakers are the best sellers.
The report attributed this to the overall pattern of the athletic shoe and shoe market: a large number of niche brands in the athletic shoe market dominated by Nike, Adidas, Puma and others; There is constant change in styles and designs across the market, extreme versatility in athleisure footwear, and relative affordability in luxury apparel.
The report also found that consumers are the trendsetters in the streetwear industry. The industry operates from the bottom up, with consumers having equal power to decide what is fashionable, and fashion practitioners becoming gatekeepers. The streetwear industry has turned the traditional luxury industry, where designers set trends, on its head, making fashion “much more accessible and democratic”.
The study also found that young and eager consumers who are part of the street culture community don’t necessarily spend a lot of money on streetwear. More than 74 percent of Consumers in Europe and the United States and 54 percent in Asia said they always follow street culture trends. Globally, older consumers spend the most on streetwear each month: three in 10 consumers aged 35 or older spend an average of more than $500 a month on streetwear.
The study also found that young and eager consumers who are part of the street culture community don’t necessarily spend a lot of money on streetwear. More than 74 percent of Consumers in Europe and the United States and 54 percent in Asia said they always follow street culture trends. Globally, older consumers spend the most on streetwear each month: three in 10 consumers aged 35 or older spend an average of more than $500 a month on streetwear.
