The Story Wave 50

Apparel & Fashion: An Industry Snapshot

Our recent report on the fashion industry explores Americans’ apparel purchasing behavior. A few key takeaways include:

• Gen Z wants outside input: 48% of Gen Z feels more confident purchasing items for themselves when they shop with someone they know than they do when they shop alone (Millennial: 32%, Gen X: 29%, Boomer: 25%).
• AI as fashion consultant?: 23% of Gen Z consumers say they are more likely to purchase a fashion item if an artificial intelligence tool recommends it.
• The power of positive feedback: 33% of Gen Z have decided to purchase an item they didn’t want because they got positive feedback from someone else (Millennials 23%, Gen X: 16%, Boomer 7%).
• We love a good deal: Seven-in-10 (69%) US adults say that they are more likely to purchase a fashion item if the item is less expensive than they anticipated.
• Is this on sale?: Half (46%) of US adults say that they always or often wait for a sale to shop for items.

Over-Index Report: This month’s over-index report uses data from QuestBrand by The Harris Poll to capture fashion brands that over-index with US adults that are active on each social media channel – TikTok, Facebook, Snapchat, and Instagram. Download the report for the full list of brands:

U.S. Hispanic Financial Literacy & Empowerment in 2024 – MoneyLion-Harris Poll

September 15th kicked off the start of National Hispanic Heritage Month. To celebrate the financial potential of the US Hispanic Community, MoneyLion partnered with The Harris Poll to discover Hispanics’ approach to finances and to discover their financial literacy. A few key findings include:

• Falling behind: Hispanics’ financial literacy rate (54%) falls behind that of non-Hispanics (69%).
• A desire for knowledge: The Hispanic community wants to learn about saving money (45%), budgeting (36%), and credit scores (33%). (This exceeds non-Hispanics’ reported desire to learn about these categories – 33%, 27%, 25% respectively).
• Learning through social media: A quarter (24%) of Hispanics report turning to social media for money advice (versus 17% of non-Hispanics).
• Time is of the essence: Seven-in-10 (68%) Hispanics (versus 51% of non-Hispanics) say that they do not have enough time to access needed financial tools and resources.

Takeaway: Hispanic communities in the US are hungry to improve their financial literacy, but they are falling behind. Help this group get ahead with quick, easily-digestible financial information and tips that can be shared on social media. Read MoneyLion’s full report for more in-depth insights and suggestions.

Converse Took Off Among Liberal Consumers After Harris Became The Democratic Nominee – Brand Story

This year’s political season has impacted more than Americans’ voting decisions – it has impacted how consumers think about certain brands, like Converse. 

• When Vice President Harris unexpectedly became the Democratic Party’s presumptive nominee in July, her fans turned to Converse to show their support.
• Converse and Harris have a long, public history. She is known for pairing a pearl necklace with Converse shoes, and was even photographed in this combo on the cover of Vogue.
• Looking at Converse’s data from QuestBrand by The Harris Poll, we can see the surge in liberal consumers’ enthusiasm after Harris announces her spot as the Democratic presidential nominee in July.

• After Harris’ announcement, reported Converse brand usage (+18.7) and recommend (+16.6) both significantly increased among liberal US adults.
• We did not see the same sales conversion funnel growth among politically conservative Americans.

Mum’s the word: Converse has not commented on the Harris-fueled frenzy. This is a smart move during election season, where a brand could accidentally alienate half of the country if seen as playing favorites with either the Democratic or Republican Parties. Read the full brand story for more insights.