Gen Z fashion students in the UK are showing great ambition and entrepreneurial spirit, with a significant number expressing their desire to start their own businesses or work for luxury brands after graduation. A recent report by the Fashion Retail Academy revealed that 51% of students are interested in setting up their own business, while 73% prefer working for a luxury brand.
Interestingly, the survey conducted by the Fashioning The Future project showed that only 30% of students wanted to work at an independent boutique. Instead, 23% were interested in streetwear or sportswear brands, and just 15% aimed for an e-commerce fashion retailer. This suggests that Gen Z fashion students prioritize the earning potential in sectors of the industry that are perceived to offer higher salaries. The report also highlighted that salary was an important factor for most respondents when considering job opportunities in retail.
The survey also revealed the concerns of these fashion students regarding their future careers. The top worry was the fear that pay would not keep up with inflation, expressed by 67% of respondents. Other common concerns included not being able to secure a job with their preferred employer (32%), not being able to develop new skills (28%), uncertainty over long-term job security (27%), the threat of job roles being replaced by artificial intelligence (26%), and a lack of flexible working options (23%). However, concerns such as a lack of mental health support (17%), the emphasis on Diversity, Equity & Inclusion by employers (15%), and inadequate action on sustainability by companies (12%) were less prominent.
When considering job opportunities in the fashion and retail industry, salary and health and wellbeing benefits were identified as the top priority by 55% of respondents. In terms of salary expectations, 44% of students anticipated an initial salary between £20,000 and £24,999, while 36% expected a salary between £25,000 and £29,999. Only a small percentage (2%) anticipated starting on a salary of over £40,000. Additionally, 48% of students said they would be willing to accept a less competitive salary and benefits package in order to work for their favorite brand or a company that aligns with their values.
Lee Lucas, CEO of the Fashion Retail Academy, commented on the findings, stating that it’s not surprising that students are concerned about their salary not keeping pace with inflation, given the ongoing cost of living crisis. He found it interesting that nearly half of the respondents would be willing to accept a reduced salary to work for their favorite brands. The concern about artificial intelligence was also understandable, considering the rapid advancements in technology.
This report provides insight into the aspirations, concerns, and expectations of Gen Z fashion students in the UK. Their desire for entrepreneurship and preference for luxury brands positions them to have a significant impact on the fashion industry as they enter the workforce. However, employers must address the concerns raised, particularly regarding salaries, job security, and the impact of technology, in order to attract and retain top talent from this generation.
Useful links:
1. Fashion Retail Academy
2. Fashioning The Future project
