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The question that arises is: “s it worth it for a retail brand to invest in TikTok?”.
The answer is: “Absolutely yes!”.
The first and perhaps most trivial reason for doing this is that Chinese Millennials and Gen Z-ers love it and even European and US consumers are now becoming increasingly involved.
Bain & Co believes that Chinese Gen Z-ers will be an increasingly powerful force in the luxury industry driven by the power of social media and influencers.
To give just one example, Chinese Gen Z-ers are literally brand-obsessed and have given a deep boost to Gucci's success in recent years. Last year alone, 62% of Gucci's $ 8 billion in sales came from the under-35 consumer group: digital-first users always glued to their smartphones.
But what is so special about TikTok?
On this platform, young people, and not only, from all over the world dance, sing and record films bordering on the absurd while lip-syncing to audio.
These 15 seconds of fame for users have earned the platform an exponential growth of its users which, in the last two years, have reached half a billion with a monthly growth rate of + 237%.
66% of its users are under the age of 30, which is why western luxury brands have started to use this social media massively.
Even more evident is JW Anderson's patchwork cardigan case, worn by musician Harry Styles in February, making it to the list of most desired men's products. Not only that, having achieved cult status among young Gen Z consumers, who launched the #HarryStylesCardigan viral challenge on Tik tok to knit it, this garment triggered a 166% increase in the brand's cardigan searches during the last week of June. Defying the rules of luxury marketing, JW Anderson then shared the pattern to knit or crochet it with its growing online community. This is the power of social media.
Fashion is in transformation. And so are the means by which designers show their collections, the new needs of consumers, and the tools used to shop.